TSLA weekly chart shows confluence.

24 lug 2024

TSLA weekly chart shows that it is coming into key demand areas around $205 to $215. The weekly chart shows a Wyckoff accumulation phase since the 2021 all-time high at $414.50, with a spring during Phase C at the recent lows below $140. This corresponds to the bottom of the cup, with Phase D of accumulation corresponding to the handle. A close over the weekly 200 SMA, currently at $232, will give room to the weekly 150 SMA supply. Reclaiming these weekly supply zones may lead to a break of the weekly handle, and a push up to the final weekly supply zones of the weekly upper Bollinger Band and upper weekly 100 linear regression channel ahead of $300 during Phase E, which may start at the end of this year or into next year. The trade is invalidated below the weekly 20 SMA, which is currently at $187.

26 lug 2024

Nota

TSLA is trading within the range described above, which has given several 10 dollar/share moves from the bottom of the range this week. I continue to be sell-biased on technology names intraday and will watch to see how TSLA trades at the daily 50 SMA. I will only swing TSLA long if it maintains above the daily 50 SMA. The last time I entered TSLA long, as a swing, was during the long consolidation over the daily 50 SMA in June. I have since scaled entirely out of the position, prior to recent earnings, and am watching closely to find a new entry: x.com/DMT_Doctor/status/1807558654281089211