YongTung | Tesla Analysis: Countertrend Bounce
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Hello my friends, today I wanna share you some conclusions that I found about TSLA.
TSLA has fallen by 71% in the past year, which mean if you invested 100 bucks in TSLA, now you have 29 bucks.
Technically TSLA just break previous low $108.76 and continue falling.
At the moment the price trades near to 350 weekly moving average level.
Though the market is in a downtrend but I think there's a counter-trend bounce to TSLA.
I expect that price can make a little correction to the support level 350 weekly moving average and then start to raise.
Then, I think TSLA will break resistance level and go higher.
I set up my first target locate at the previous high and resistance level $167.50.
And I think TSLA will bounce from previous high level and go to $113.22 (fibonacci 2.618 level) to build a double bottom pattern.
Then, I expect that there's a 0.886 bearish bat harmonic pattern.
Therefore I set up my second target at resistance level $290.
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Yellow line: 200 daily moving average
Green line: 365 daily moving average
The orange vertical line are the days that 200 daily ma and 365 daily ma upside-down in history.
It happened only three times in the history since TSLA Initial public listing.
TSLA dropped 48.71% since ma upside down at the first time.
TSLA dropped 54.14% since ma upside down at the second time.
Now TSLA already dropped 55.87% since ma upside down.
So I think the decline of TSLA is over now, because every time it drops, the crash remains at 50% ± 5% level.
------------------------
This is my opinion, I really hope it will be useful for you.
This is an article not financial advice, always do your own research.
And please don't forget to support this idea with your like and comment, It means a lot to me, thanks.
Be prepared and save your money. Make big profits!
Happy trading!
TSLA has fallen by 71% in the past year, which mean if you invested 100 bucks in TSLA, now you have 29 bucks.
Technically TSLA just break previous low $108.76 and continue falling.
At the moment the price trades near to 350 weekly moving average level.
Though the market is in a downtrend but I think there's a counter-trend bounce to TSLA.
I expect that price can make a little correction to the support level 350 weekly moving average and then start to raise.
Then, I think TSLA will break resistance level and go higher.
I set up my first target locate at the previous high and resistance level $167.50.
And I think TSLA will bounce from previous high level and go to $113.22 (fibonacci 2.618 level) to build a double bottom pattern.
Then, I expect that there's a 0.886 bearish bat harmonic pattern.
Therefore I set up my second target at resistance level $290.
------------------------
Yellow line: 200 daily moving average
Green line: 365 daily moving average
The orange vertical line are the days that 200 daily ma and 365 daily ma upside-down in history.
It happened only three times in the history since TSLA Initial public listing.
TSLA dropped 48.71% since ma upside down at the first time.
TSLA dropped 54.14% since ma upside down at the second time.
Now TSLA already dropped 55.87% since ma upside down.
So I think the decline of TSLA is over now, because every time it drops, the crash remains at 50% ± 5% level.
------------------------
This is my opinion, I really hope it will be useful for you.
This is an article not financial advice, always do your own research.
And please don't forget to support this idea with your like and comment, It means a lot to me, thanks.
Be prepared and save your money. Make big profits!
Happy trading!
Trade attivo
just bounced from 350 weekly ma level
Trade attivo
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