Tesla has recently experienced a strong bearish expansion, retracing toward previous value areas and currently trading below the value area high. It is finding support at a key daily support/resistance (SR) level of $217.
At this stage, Tesla is approaching a potential reversal zone, but for a long trade setup to be confirmed, we need to see consolidation on the daily timeframe, signaling exhaustion of selling pressure.
The next major technical support lies at $176, which aligns with multiple confluences:
1. 0.618 Fibonacci retracement level
2. Daily SR support at $176
3. VWAP (golden line) acting as support
4. Value area low of the previous range
This confluence increases the probability of a reaction in this zone, making it a key area to monitor for a potential long entry.
Trade Execution Considerations:
• Patience is key—we may see a bounce on lower timeframes before Tesla trades toward the $176 entry zone.
• Entry trigger should be established on lower timeframes, confirming bullish structure or a shift in momentum.
• Technical target: The key swing high once bullish confirmation is in place.
Until then, monitoring price action and waiting for confirmation will be crucial before taking a long position.
At this stage, Tesla is approaching a potential reversal zone, but for a long trade setup to be confirmed, we need to see consolidation on the daily timeframe, signaling exhaustion of selling pressure.
The next major technical support lies at $176, which aligns with multiple confluences:
1. 0.618 Fibonacci retracement level
2. Daily SR support at $176
3. VWAP (golden line) acting as support
4. Value area low of the previous range
This confluence increases the probability of a reaction in this zone, making it a key area to monitor for a potential long entry.
Trade Execution Considerations:
• Patience is key—we may see a bounce on lower timeframes before Tesla trades toward the $176 entry zone.
• Entry trigger should be established on lower timeframes, confirming bullish structure or a shift in momentum.
• Technical target: The key swing high once bullish confirmation is in place.
Until then, monitoring price action and waiting for confirmation will be crucial before taking a long position.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join our free telegram for market updates: t.me/chartdoctorsanconsultants
Trade here with the best exchange: blofin.com/invite/alchemisttrader
Trade here with the best exchange: blofin.com/invite/alchemisttrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.