TSLA ready for dead cat bounce
Updated
TSLA appears ready for a dead cat bounce. After breaking out from a symmetrical triangle, it fell hard but has since found some kind of support.
The RSI is oversold and showing small bullish divergences. The MACD also exhibits bullish divergences and is attempting to make a cross on the lines.
Yesterday, TSLA formed a bullish candlestick hammer.
Additionally, it is forming a falling wedge, a fairly bullish pattern. If the price truly found support and breaks through the upper falling trend line, it would confirm the hammer reversal pattern, validate the breakout of the falling wedge, and confirm bullish divergences on both the RSI and MACD.
However, all of these indicators could merely signify a dead cat bounce. The highest move in my assessment would be until the 200-day MA, also known as the BigRed area.
The RSI is oversold and showing small bullish divergences. The MACD also exhibits bullish divergences and is attempting to make a cross on the lines.
Yesterday, TSLA formed a bullish candlestick hammer.
Additionally, it is forming a falling wedge, a fairly bullish pattern. If the price truly found support and breaks through the upper falling trend line, it would confirm the hammer reversal pattern, validate the breakout of the falling wedge, and confirm bullish divergences on both the RSI and MACD.
However, all of these indicators could merely signify a dead cat bounce. The highest move in my assessment would be until the 200-day MA, also known as the BigRed area.
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The dead cat bounce is over. Yesterday TSLA broke down from the bear flag pattern. First huge major target is 100 after which we could see even lower prices
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The low base break down just started. Will we continue to dive today or big boys will save TSLA from a huge drop??
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Not many stocks move so perfectly according to TA. Is TSLA ready for another drop? Is this yet another short-lived bear pullback?
I assess YES. It is almost certain that TSLA will drop toward support line at around 150$
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Close to temporary botom. If break out of falling wedge we could see some pumping see on TSLA. But only if and when it break.
Its close to oversold so there days should be interesting.
Good area for 1/2 of long position with close stop loss. Second 1/2 would be with the break out!
Consistency is the key of success....
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