TSLA: Will it reverse? Key Points to keep in mind!
Hello traders and investors! Let’s talk about Tesla today!
In the 1h chart, Tesla is trading above the 21 ema, which is a good sign, and seems it found a bottom there, as it can’t close under it. We have a bear trend in this chart, with clear lower highs/ lower lows, but tesla is showing some early signs of reversal.
First, it filled the last gap quickly, making it an Exhaustion Gap (just like NIO did, and you may check my last analysis on NIO in the link below, I explain better how Exhaustion Gaps are formed there). But Tesla doesn’t have higher highs yet, but it has higher lows. That’s a start, but the situation will change if Tesla defeats the $ 718 (black line), which is a Pivot Point.
Now let’s see the daily chart:
I only wish Tradingview’s chart was right, as Tesla didn’t hit the $ 872 yesterday. Anyway, Tesla hit a support level around the $ 618 and it is bouncing back up. The $ 745 is a resistance for Tesla as well, but I find the volume very good now. Since Tesla crashed last week, the volume increased, and this is a good sign.
The problem will be the 21 ema, as it’ll also work as a resistance. But if Tesla defeats these points, nothing will hold it until the $ 821. It could go even higher, but let’s proceed carefully.
If you liked this analysis, remember to follow me to keep in touch with my daily updates on Tesla and other stocks. Support this idea if it helped you!
Thank you very much!
In the 1h chart, Tesla is trading above the 21 ema, which is a good sign, and seems it found a bottom there, as it can’t close under it. We have a bear trend in this chart, with clear lower highs/ lower lows, but tesla is showing some early signs of reversal.
First, it filled the last gap quickly, making it an Exhaustion Gap (just like NIO did, and you may check my last analysis on NIO in the link below, I explain better how Exhaustion Gaps are formed there). But Tesla doesn’t have higher highs yet, but it has higher lows. That’s a start, but the situation will change if Tesla defeats the $ 718 (black line), which is a Pivot Point.
Now let’s see the daily chart:
I only wish Tradingview’s chart was right, as Tesla didn’t hit the $ 872 yesterday. Anyway, Tesla hit a support level around the $ 618 and it is bouncing back up. The $ 745 is a resistance for Tesla as well, but I find the volume very good now. Since Tesla crashed last week, the volume increased, and this is a good sign.
The problem will be the 21 ema, as it’ll also work as a resistance. But if Tesla defeats these points, nothing will hold it until the $ 821. It could go even higher, but let’s proceed carefully.
If you liked this analysis, remember to follow me to keep in touch with my daily updates on Tesla and other stocks. Support this idea if it helped you!
Thank you very much!
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