The last bullish move was quite strong, with the price moving above a large consolidation zone from March to April. Now, we have something that looks like a bull flag—the price is crawling slowly down, finding some support near the consolidation POC. This is a very tempting opportunity to enter a LONG position with a potential upside of 15% or more. However, it is likely to fail. Here is why:
1. The price is in a monthly/weekly downtrend. For the monthly downtrend to reverse, we need a trend change at the weekly level. So far, the bulls have NOT even managed to set a higher low on the weekly chart. 2. TSLA is much weaker than the market. While the S&P has been rallying for the last two weeks, TSLA has been declining. 3. TSLA's last earnings report was bad. Although the price rallied for a short period, it doesn't mean that the sentiment has significantly changed.
To sum it up, the context is very bearish. I wouldn't seriously consider any LONG positions at this stage.
Disclaimer I don't give trading or investing advice, just sharing my thoughts.
Yorum
Good day for bulls today but it is still not sufficient. Until buyers confirm daily uptrend together with setting weekly higher low, there is no bullish thesis.
Yorum
The trap has closed, and now most of the Friday buyers are locked in. They might still hope for a bounce as the price drop has slowed down. This pause also attracts some new, late buyers who think they have a chance to jump on the train. All the sellers need to do now is drive the price down in pre-market trading.
Yorum
Buyers got lucky this time. Something has changed in the last moment
Yorum
Bulls have come very close to shaping weekly higher low, which can lead to start of a weekly uptrend. I'm ready to change my original thesis if this week closes green (idealy above 180)
Yorum
The week closed in the green but slightly below 180. Buyers managed to establish a higher low on the weekly chart, though it doesn’t appear very convincing. Nevertheless, this marks the second significant change in weekly price action following April’s short-term rally. It is likely that the weekly downtrend is coming to an end, but this does not necessarily indicate the immediate start of an uptrend.
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