TSLA: For how long will this sell-off last?
Hello traders and investors! Let’s see how Tesla is doing today!
Let’s start our study looking at the hourly chart, as usual. Yep, the $ 461 did hold the price, as it was expected, because it is a clear resistance level, and now the bullish momentum is starting to get weaker, as we already discussed yesterday. If you missed my previous analysis, the link to it is below.
But this doesn’t mean the trend is going to reverse, at least not yet. This only indicates that TSLA is just going to seek lower supports, and as long as we see this sell-off on the global markets, it’ll be quite hard for Tesla to continue going up, as it follows the movements on NDX.
Right now, TSLA is between the previous resistance, along with the 21 ema (which is flat now) and the next support at $ 439. It also left a gap (yellow area), which maybe is a Breakaway Gap.
Let’s see the daily chart now:
If the gap seen in the hourly chart is indeed a Breakaway Gap, probably Tesla will hit the 21 ema again, and the support at $ 439 may won’t be able to hold the price.
On the bright side the momentum is still bullish, and there is no reversal sign on Tesla. We can expect some pullback, as the volume is still pretty low, and if the trend is going to continue, we need more volume. Remember Dow Theory 5th tenet: The Volume Must Confirm the Trend.
If you liked this analysis, please, support it! And follow me to keep in touch with my daily updates on Tesla and other stocks!
I wish you all a great day!
Let’s start our study looking at the hourly chart, as usual. Yep, the $ 461 did hold the price, as it was expected, because it is a clear resistance level, and now the bullish momentum is starting to get weaker, as we already discussed yesterday. If you missed my previous analysis, the link to it is below.
But this doesn’t mean the trend is going to reverse, at least not yet. This only indicates that TSLA is just going to seek lower supports, and as long as we see this sell-off on the global markets, it’ll be quite hard for Tesla to continue going up, as it follows the movements on NDX.
Right now, TSLA is between the previous resistance, along with the 21 ema (which is flat now) and the next support at $ 439. It also left a gap (yellow area), which maybe is a Breakaway Gap.
Let’s see the daily chart now:
If the gap seen in the hourly chart is indeed a Breakaway Gap, probably Tesla will hit the 21 ema again, and the support at $ 439 may won’t be able to hold the price.
On the bright side the momentum is still bullish, and there is no reversal sign on Tesla. We can expect some pullback, as the volume is still pretty low, and if the trend is going to continue, we need more volume. Remember Dow Theory 5th tenet: The Volume Must Confirm the Trend.
If you liked this analysis, please, support it! And follow me to keep in touch with my daily updates on Tesla and other stocks!
I wish you all a great day!
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