TSLA: Time to panic sell?
Hello traders and investors! Let’s talk about Tesla today!
First, Tesla lost a Triangle pattern, meaning that now it is supposed to seek lower supports. The 21 ema is pointing down, indicating that the trend is bearish, and it already lost the red line at $ 833. Both, the 21 ema and the red line are supposed to work as resistances now, according to the Principle of Polarity.
Since Tesla lost the $ 833, in theory it should seek the $ 780, which is the next support level, but we must keep the daily chart in mind:
Tesla has a ceiling at the yellow area, between its previous resistances, but now it just hit the 21 ema, and historically the 21 ema works as a good support level for Tesla, and this movement is not surprising at all, as we already talked about it in my previous analysis, when Tesla was at the All Time High back in Jan 26 (the link to this analysis is below, as usual).
It seems Tesla can’t go up, but it can’t drop either and when this happens, we see congestion. It has been a month since Tesla is not trending, just moving sideways, doing nothing meaningful.
But Tesla must not lose the $ 780, as there is the possibility of a H&S chart pattern here, and the target would be the $ 695. Let’s monitor Tesla closely from now on, as it seems it is at a decisive point. Remember to follow me to keep updated and support this idea if you liked it!
Thank you very much!
First, Tesla lost a Triangle pattern, meaning that now it is supposed to seek lower supports. The 21 ema is pointing down, indicating that the trend is bearish, and it already lost the red line at $ 833. Both, the 21 ema and the red line are supposed to work as resistances now, according to the Principle of Polarity.
Since Tesla lost the $ 833, in theory it should seek the $ 780, which is the next support level, but we must keep the daily chart in mind:
Tesla has a ceiling at the yellow area, between its previous resistances, but now it just hit the 21 ema, and historically the 21 ema works as a good support level for Tesla, and this movement is not surprising at all, as we already talked about it in my previous analysis, when Tesla was at the All Time High back in Jan 26 (the link to this analysis is below, as usual).
It seems Tesla can’t go up, but it can’t drop either and when this happens, we see congestion. It has been a month since Tesla is not trending, just moving sideways, doing nothing meaningful.
But Tesla must not lose the $ 780, as there is the possibility of a H&S chart pattern here, and the target would be the $ 695. Let’s monitor Tesla closely from now on, as it seems it is at a decisive point. Remember to follow me to keep updated and support this idea if you liked it!
Thank you very much!
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