$TSLA may see another 5% drop soon
Hello fellow traders. TSLA saw a drop of 12% from ATH the past three weeks. It looks weak here after being rejected twice at the 21ema. RSI moved below 50, and MACD is approaching the 0 level quite fast. Additionally, ADX crossed below 20 and -DI crossed above +DI. Momentum is not in favor of TSLA for sure. Another bearish sign is that the 14ema is about to cross below the 21ema. if that happens, we could see some more downside. Unless bulls step in soon I think a retest of the 50ema is very possible. That would send the price down about 5% or roughly $750. However, TSLA still has to break below that support, which has held the price twice already, and the 0 fib retracement level.
On the positive side, OBV is still rising--albeit slightly--so traders are buying at these levels even though the price is bouncing up and down. I have accumulated a decent amount of shares but if/when we retest the 50ema I will be ready to load up even more because I believe the price will bounce nicely from there.
Good luck and safe trades!
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***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
On the positive side, OBV is still rising--albeit slightly--so traders are buying at these levels even though the price is bouncing up and down. I have accumulated a decent amount of shares but if/when we retest the 50ema I will be ready to load up even more because I believe the price will bounce nicely from there.
Good luck and safe trades!
Show your love: If you get anything out of this TA, please hit the like button so other can find this analysis quicker.
Follow for more: If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
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