TSLA: Near its record high! Will it reach there?
Hello traders and investors! Let’s see what’s going on with Tesla now!
It is doing a pullback, which is acceptable, since the last 2 days were quite intense. The short-term trend is still bullish and there are no signs that it is going to reverse. As long Tesla continues to trade above the 21 ema or the black line at $ 426, the trend will remain bullish.
Only if Tesla loses one of the points above you should start to worry. Keep in mind that we still don’t know what kind of gap we have in the yellow area. If it is an Exhaustion Gap, it will be filled soon, and this could drag the price down to the pink line at $ 398.80.
On the other hand, if Tesla triggers the pivot point at $ 461.88 (yellow line), it might have the strength to retest the All Time High again ($ 502).
Now, let’s see the daily chart:
The daily chart suggests that a sharper pullback could occur, if Tesla loses its points mentioned above. It could hit the 21 ema again and starts a sideways movement just like it did in July.
This means that the bull trend will start to get weaker, but it isn’t a reversal sign yet. There are no descending tops and bottoms, and the next bottom is quite distant, it is the red line at $ 329, which is the bottom of the Downside Tasuki Gap candlestick pattern.
So far, Tesla is performing very well, and I hope this analysis helps you! Please, support this idea and follow me to keep in touch with my daily analysis!
Take care.
It is doing a pullback, which is acceptable, since the last 2 days were quite intense. The short-term trend is still bullish and there are no signs that it is going to reverse. As long Tesla continues to trade above the 21 ema or the black line at $ 426, the trend will remain bullish.
Only if Tesla loses one of the points above you should start to worry. Keep in mind that we still don’t know what kind of gap we have in the yellow area. If it is an Exhaustion Gap, it will be filled soon, and this could drag the price down to the pink line at $ 398.80.
On the other hand, if Tesla triggers the pivot point at $ 461.88 (yellow line), it might have the strength to retest the All Time High again ($ 502).
Now, let’s see the daily chart:
The daily chart suggests that a sharper pullback could occur, if Tesla loses its points mentioned above. It could hit the 21 ema again and starts a sideways movement just like it did in July.
This means that the bull trend will start to get weaker, but it isn’t a reversal sign yet. There are no descending tops and bottoms, and the next bottom is quite distant, it is the red line at $ 329, which is the bottom of the Downside Tasuki Gap candlestick pattern.
So far, Tesla is performing very well, and I hope this analysis helps you! Please, support this idea and follow me to keep in touch with my daily analysis!
Take care.
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