Bearish Channel Breakout, Setting Stage for a Return Above $300?

Hi Realistic Traders. Here's my price action analysis on TSLA !

On May 23, 2023, Tesla (TSLA) exhibited a breakout from the bearish trendline, sustaining its upward trajectory with consecutive higher highs and lows. Following this, TSLA's bullish momentum moderated, leading to the formation of a bearish channel. Notably, there has been a recent breakthrough above the upper trendline of this bearish channel, signaling a robust bullish indication. Adding to the bullish narrative, the momentum indicator (MACD) has executed a golden cross, further affirming the potential for continued upside movement toward the specified target area.

it is essential to note that the analysis will no longer hold validity once the target/support area is reached.

Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on TSLA."

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Yorum:

Rebound on the upper trendline, we still have the same view as before