TSLA Weekly Longterm Pre-Earnings
Updated
TSLA on the weekly chart appears to be in a widening and ascending channel somewhat
suggestive of a megaphone. At the same time it is below heavy resistance at 360 which is
the same level as two standard deviations above the mean VWAP line anchored back to
November 2021. The resistance zone is the highs of November 2021 and late March / early
April 2022. The double RSI indicator shows RS rising on the higher monthly time frame slowly
and steadily while the RS on the lower daily time frame has peaked at 88 and fallen below 80
consistent with bearish divergence. The zero-lag MACD indicator shows the lines perhaps
impending a cross at an amplitude well extended above the histogram. Price is high in
that widening ascending channel.
Overall, I conclude that TSLA is a hold right now as it could be impending a significant reversal
in the weeks ahead. A hold would mean not to sell existing positions nor take new positions
for the time being unless one is an intraday or short time frame swing trader or stocks
or options. With an earnings report impending, TSLA volatility is likely to jump in one direction
or the other.
suggestive of a megaphone. At the same time it is below heavy resistance at 360 which is
the same level as two standard deviations above the mean VWAP line anchored back to
November 2021. The resistance zone is the highs of November 2021 and late March / early
April 2022. The double RSI indicator shows RS rising on the higher monthly time frame slowly
and steadily while the RS on the lower daily time frame has peaked at 88 and fallen below 80
consistent with bearish divergence. The zero-lag MACD indicator shows the lines perhaps
impending a cross at an amplitude well extended above the histogram. Price is high in
that widening ascending channel.
Overall, I conclude that TSLA is a hold right now as it could be impending a significant reversal
in the weeks ahead. A hold would mean not to sell existing positions nor take new positions
for the time being unless one is an intraday or short time frame swing trader or stocks
or options. With an earnings report impending, TSLA volatility is likely to jump in one direction
or the other.
Trade active
An inside bar shows consolidation is the phase of the week.
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