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Tesla Getting Ready for a Bigger RallyAfter a continuous strong rally from $70 to $900, TSLA has been pausing for a while on profit booking and consolidating. TSLA has formed Double Bottom pattern and is trying to come out of its consolidation.
Our Bull Power Bear Power Indicator is showing a strong buy signal on weekly chart suggesting that slowly and steadily Bulls are taking control in TSLA.
Once it resumes its uptrend, then it may rise to touch 1300-1400 levels in next 2-3 years.
Disclaimer :
Trading is never ever recommended as it is injurious to mankind. This is purely my study based on technical charts and for educational purpose only. Please do your analysis before taking any trades given by me. I MUST not be held responsible for any profit or loss out of any trades you take on our advice. All Disclaimers Apply.
Tesla is waiting for the fall.As we can see on the daily timeframe, we have formed a triangle and now the price bounced off the resistance line and rushed down. Most likely, the price will fall to the support line at $ 550 and then it can bounce back or it is possible to break the support line and fall even lower.
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Good luck and big profits.
Gold increases sharply: Investors look for a safe place
The US dollar rallied early Wednesday as risk-off sentiment dominated the market. Asian shares came under pressure after disappointing tech earnings reports from major companies such as Alphabet and Tesla. Alphabet achieved good revenue and profits but needed time to see results from its investment in artificial intelligence, while Tesla dropped 7% due to profits not meeting expectations and postponing the Robotaxi event. Fears of a Chinese economic slowdown also supported safe-haven demand for the greenback.
On Tuesday, the US dollar rebounded significantly on market jitters ahead of important earnings reports from US companies and a sharp rise in Treasury yields. Investors take profits on USD short positions ahead of Wednesday's preliminary Global Manufacturing and Services PMI data. Weak PMI data could spark recession fears, creating fresh demand for the US dollar.
Gold prices could benefit from this scenario if concerns about the US economy reinforce dovish Fed expectations. The market is currently pricing the possibility of the Fed cutting interest rates in September at a 97% probability. All eyes are on the US Q2 GDP report on Thursday and June PCE inflation data on Friday to monitor gold price movements.
Note price range:
Sell zones: 2424 - 2426
Stop loss: 2430
Take profit 1: 2414
Take profit 2: 2400
Sell zones: 2440 - 2442
Stop loss: 2446
Take profit 1: 2430
Take profit 2: 2420