TeslaLong
TESLA Monthly 2019 versus 2023 Fractals
Updated
1) In 2019, when price found support on the 21 ema (blue moving average)
price "mooned."
If you compare that to 2023, price broke above the 21 ema , and has now confirmed
support. Will it continue going up and go into the next phase of its bull market?
2) The support level is at about $236. Close below this price 2 months in a row is very bad.
The resistance level is at about $288. Tesla will battle this price. It has already been
rejected by this level twice in June and July of 2023.
price "mooned."
If you compare that to 2023, price broke above the 21 ema , and has now confirmed
support. Will it continue going up and go into the next phase of its bull market?
2) The support level is at about $236. Close below this price 2 months in a row is very bad.
The resistance level is at about $288. Tesla will battle this price. It has already been
rejected by this level twice in June and July of 2023.
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One more week left in the month of October. Monthly price is still above the 21 ema, even though Tesla took a 10.75% hit last week.
The 21 ema is at $231, while price is at $244.
The fractal pattern is still good.
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Tesla closed the month of September at $250.This is good because it closed above the 21 ema and support of $236.
This makes my thesis still valid, where I believe being above the 21 ema is bullish and we are in the early phases of Tesla's bull trend.
In the bearish case, the last three months of lower highs and lower lows is something to watch closely. There has been a down trend for the last 3 months and that's a fact.
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Tesla has been in a 3 month downtrend, after being rejected by the $288 resistance level. Currently price is at $264 and sitting on the 21 ema as support.
If Tesla can close the month of October above $258, it will print a bullish engulfing candle. This doesn't mean price will skyrocket, but it could be a sign price may rise for the next couple of candles.
Hopefully a bullish engulfing candle can push Tesla's price over the $288 resistance level.
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TSLA closed the week of Oct 13, 2023 at $251. This is a little higher than the previous month of $250. What we're trying to avoid is another lower low.Two more weeks left till the end of the month. So no need to panic.
Tesla is still holding support at the $236 level, as well as the 21 ema.
Note
TSLA closed Tuesday the 24th of October at $216.Price fell below support of $236 and is currently under the 21 ema.
The monthly candle hasn't closed yet, but the downtrend of lower highs and lower lows is not good.
The next support level is $195.
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