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.
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TL01 trade ideas
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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Tesla Motors likely to test supports at 450-420 range26-May-21
NASDAQ:TSLA
Breakout Failure on top.
The chart structure is shifting towards consolidation and test of supports.
Sustaining and closing below 601 in the coming weeks may well take Tesla to break the low of 546 & then proceed to achieve 450-36 to 420 range.
The Down move scenario gets invalidated on successive closing above 670
TSLA falls steadily.As we can see on the daily timeframe, starting from April 14, the price has been moving in a downward channel and Tesla has dropped by 30% from its highs that were in January of this year. Now the price has bounced off the support level and growth is possible, but most likely the price will continue to fall and may drop to $ 500 or $ 450, which will already be 50% of the January maximum. If the price drops to $ 450 or even lower, you can take it.
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Good luck and big profits.
TESLATESLA
HIT 38.2% retracement
Make A swing Bottom
Form a Morning Star candlestick Pattern
Can create near term bullish outlook
as long as hold Swing Bottom low
RSI exit the oversold
Swing Bottom Gets Created
Based on Higher low and Higher High
L > L1-
L1-< L-2
H > H-1
H-1 < H-2
Today body gap up
yesterday body gap down
If moving average is crossed then trend can get confirmed.
Price above average is up trend and Price below down trend is down trend.
As a result of swing bottom based on above logic.
low of swing bottom critical formed in 2 day for any reversal process to resume and further to get confirmed.
This is strategy. How one can look at in combination of retracement, candlestick and RSI
This is for educational purpose and not a buy or sell.
The above comments are based on chart observation of indication and candle patterns.