Hello trader and investors! So, Tesla is doing a pullback today! This is perfectly normal and acceptable and shouldn’t scare anyone here! But when should we start to worry? When a pullback isn’t acceptable anymore? Let’s see about it.
Right now, this pullback is very weak, because it didn’t even hit the 21 ema. Also, Tesla has other supports, like the black line at $ 463.60, which is the previous top, supposed to work as a support for the price next. According to the polarity change, defeated resistances work as supports in the future.
And we have the purple trendline, which supported the price a few times in the past. All this tell us that the highlighted area in the chart is a clear support zone. If the trend is strong as it seems, Tesla maybe won’t even enter this yellow area, but I think it is too soon to say this.
Now, let’s see the daily chart:
Again, there’s a Dark Cloud Cover candlestick pattern here! Which is not something we can rely, because Tesla is killing every bearish pattern that appears around.
I would guide myself through the hourly chart and set targets in the daily chart. If Tesla loses its supports in the hourly chart, we may expect a pullback to the 21 ema in the daily chart. Just be aware of the $ 437.43, because it is a target zone in the hourly chart!
These are the most important points for Tesla, and if this idea helped, please, support it! And follow me to keep in touch with my daily analyses!
There's nothing to worry on Tesla at the moment, and I see no reversal signs ahead, just possible pullbacks. And we all know what pullbacks are: Opportunities to buy.
Right now, this pullback is very weak, because it didn’t even hit the 21 ema. Also, Tesla has other supports, like the black line at $ 463.60, which is the previous top, supposed to work as a support for the price next. According to the polarity change, defeated resistances work as supports in the future.
And we have the purple trendline, which supported the price a few times in the past. All this tell us that the highlighted area in the chart is a clear support zone. If the trend is strong as it seems, Tesla maybe won’t even enter this yellow area, but I think it is too soon to say this.
Now, let’s see the daily chart:
Again, there’s a Dark Cloud Cover candlestick pattern here! Which is not something we can rely, because Tesla is killing every bearish pattern that appears around.
I would guide myself through the hourly chart and set targets in the daily chart. If Tesla loses its supports in the hourly chart, we may expect a pullback to the 21 ema in the daily chart. Just be aware of the $ 437.43, because it is a target zone in the hourly chart!
These are the most important points for Tesla, and if this idea helped, please, support it! And follow me to keep in touch with my daily analyses!
There's nothing to worry on Tesla at the moment, and I see no reversal signs ahead, just possible pullbacks. And we all know what pullbacks are: Opportunities to buy.
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