Greetings mates, Let us deliberate upon the current weekly chart of Tesla. As it stands the price has resolutely positioned itself above a long-standing multi-year resistance level an area that also previously marked the stock's all-time high. In this context the significance of this resistance is magnified considerably. Furthermore, as today coincides with the final trading day of the month a close above this critical level would signify not merely a weekly triumph but a substantial monthly breakout, underscoring the bullish momentum.
From a technical perspective-: The price is positioned in close proximity to a significant resistance level suggesting the potential for a rebound either from this point or slightly nearer to the resistance. For any such bounce or reversal it is imperative that individuals adhere to their respective trading setups. Upon confirmation of the rebound the recent high of 488 can be established as the initial target on the charts. Furthermore should the price break above 488 a renewed upward momentum of approximately twenty percent similar to the movement observed following the current breakout can be anticipated. Fibonacci's important levels also sharing the same spot very well.
Following it's ascent to an all-time high in 2021 the stock experienced a precipitous decline losing approximately 75% of its value from that peak. However, it has recently managed to surpass that prior high once again. For a detailed analysis of the factors behind this dramatic trajectory I invite you to peruse my previously published insights recently the link to which is provided below.
Thanks for reading hope you like this publication.
Happy new year in advance hope you have wonderful trades in 2025 !
Best regards- Amit
From a technical perspective-: The price is positioned in close proximity to a significant resistance level suggesting the potential for a rebound either from this point or slightly nearer to the resistance. For any such bounce or reversal it is imperative that individuals adhere to their respective trading setups. Upon confirmation of the rebound the recent high of 488 can be established as the initial target on the charts. Furthermore should the price break above 488 a renewed upward momentum of approximately twenty percent similar to the movement observed following the current breakout can be anticipated. Fibonacci's important levels also sharing the same spot very well.
Following it's ascent to an all-time high in 2021 the stock experienced a precipitous decline losing approximately 75% of its value from that peak. However, it has recently managed to surpass that prior high once again. For a detailed analysis of the factors behind this dramatic trajectory I invite you to peruse my previously published insights recently the link to which is provided below.
Thanks for reading hope you like this publication.
Happy new year in advance hope you have wonderful trades in 2025 !
Best regards- Amit
Note
Monthly candle breakout failed as price did not manage to close above which discussed in above description, Let's see this week's close we will get above resistance (406) or not, Still not getting any bounce required for going a long side trade entry if i will get any appropiate entry then i will update accordingly. Apart from getting a trade entry learned a lot by this chart that how we can get rid out fear of missing out trades and how support and resistance are very important for any of trade. Thanks for reading and wonderful support for this publication mate.Monthly candle failed breakout view-:
Note
As i wrote a note above that let's see that we will get a weekly close above resistance or not so after a too volatile last week price finally manage to close above that desired level, now hoping that i will get one more weekly close above that for considering a support bounce that is must required for going a long side trade. If this will happen i will do a long side trade and will update the same as trade active too. Might some mates getting difficulty to understand my point of view due to much upheavals after this publication but i believe if you read the description and both added notes you will get that. Thanks for reading and supporting the idea.
Related publications
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.
Related publications
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.