TSLA: A Bottom Pattern Above a Critical Resistance.
• TSLA corrected last week, but it seems it just dropped to hit its support at $187, and now, it wants to bounce again;
• Last Friday, TSLA confirmed a bottom sign, as it broke the 21 ema again (which worked as a resistance last Thursday), it broke Thursday’s high, and it filled the previous gap at $198.52 (making it an Exhaustion Gap);
• All these bottom signs above the $187 line might indicate a further bounce;
• In theory, TSLA could climb to the next resistance at $214, but as long as we stay inside this congestion, between $214 and $187, TSLA won’t trigger any new movement indicating a continuation of the bull rally or a bearish reversal;
• This congestion could be a flag of a Bullish Flag chart pattern, and if TSLA breaks the $214 again, it’ll trigger this bullish continuation pattern. In this scenario, the first mid-term target would be the $237, which is a previous resistance in the daily chart, and it is near the 61.8% Fibonacci’s Retracement in the weekly chart;
• Only if it loses the $187 it might frustrate this bullish thesis.
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• Last Friday, TSLA confirmed a bottom sign, as it broke the 21 ema again (which worked as a resistance last Thursday), it broke Thursday’s high, and it filled the previous gap at $198.52 (making it an Exhaustion Gap);
• All these bottom signs above the $187 line might indicate a further bounce;
• In theory, TSLA could climb to the next resistance at $214, but as long as we stay inside this congestion, between $214 and $187, TSLA won’t trigger any new movement indicating a continuation of the bull rally or a bearish reversal;
• This congestion could be a flag of a Bullish Flag chart pattern, and if TSLA breaks the $214 again, it’ll trigger this bullish continuation pattern. In this scenario, the first mid-term target would be the $237, which is a previous resistance in the daily chart, and it is near the 61.8% Fibonacci’s Retracement in the weekly chart;
• Only if it loses the $187 it might frustrate this bullish thesis.
Remember to follow me to keep in touch with my daily analysis!
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