Tesla Will iT Break ThiS Time !
Updated
Hi mates, sharing weekly chart of Tesla as we can see that after making an all time high of 414 levels it came down to 100 levels it was a almost a downfall of 75% from all time high levels. And after it record a recent high of 300 levels in july 2023 which almost was 194% returns from maximum low levels after hitting the all time high.
So i observed that after making a low nearby 100 levels it started moving in an ascending channel with higher lows and higher highs and i consider that this is an uptrend resumption by the price and gradually breaking it's swing highs and and took a resistance near 300 levels which it was it's second attempt to break this zone but failed after making all time high. So i assume and firmly believe that if this zone whenever will break and price will close above we can that it will trade near to all time levels again friends.
MOVING AVERAGES-: (EMA)
Daily Chart- Price Trading Above 20, 50, 100, 200 Moving Average.
Weekly Chart- Price Trading Above 20, 50, 100, 200 Moving Average.
Monthly Chart- Price Trading Above 20, 50, 100, Moving Average.
RSI-:
Daily Chart- 61.65 (Neutral)
Weekly Chart- 61.61 (Neutral)
Monthly Chart- 55.65 (Neutral)
Key Strengths-:
Higher Highs and Higher Lows.
Price trading above on all moving averages on Daily, weekly and monthly time frames.
Until then range bound trading will going on
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
So i observed that after making a low nearby 100 levels it started moving in an ascending channel with higher lows and higher highs and i consider that this is an uptrend resumption by the price and gradually breaking it's swing highs and and took a resistance near 300 levels which it was it's second attempt to break this zone but failed after making all time high. So i assume and firmly believe that if this zone whenever will break and price will close above we can that it will trade near to all time levels again friends.
MOVING AVERAGES-: (EMA)
Daily Chart- Price Trading Above 20, 50, 100, 200 Moving Average.
Weekly Chart- Price Trading Above 20, 50, 100, 200 Moving Average.
Monthly Chart- Price Trading Above 20, 50, 100, Moving Average.
RSI-:
Daily Chart- 61.65 (Neutral)
Weekly Chart- 61.61 (Neutral)
Monthly Chart- 55.65 (Neutral)
Key Strengths-:
Higher Highs and Higher Lows.
Price trading above on all moving averages on Daily, weekly and monthly time frames.
Until then range bound trading will going on
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
Note
Price is taking support above mention snapshot in idea description- Daily chartNote
Yeterday price manage to give a close above support so still waiting for a trade as mentioned in ideaNote
Yesterday closed below support and reached to 254 levels, i think now that support will act as resistance and price will see selling pressure again from there, if break and close above support turned resistance can march towards main resistanceNote
Almost there mates !Reaching to mention target after support break, nice gains but i am covering my short position as this is a support based target and price can bounce form here fresh short will consider if close below this target
Note
Price completed the mention target after support break.If price will break and close below mention target of 244 levels we can see a downfall towards mention support levels in this update, one gap also seen on this chart which can help to price to go the mention supports below
Note
We reached mates !Target complete, Gap filled completely.
Check update above in which i mentioned that if price will break and close below mentioned target of we can see two more targets below i marked as support 1 and support 2, So yesterday it closed below although very marginally but impacted today now i am closing my this short trade here on support can bounce from here so it is better to cover short on identified spot. Good gains.
Note
Published chart-As we can see how perfectly it respected it support trendline on weekly time trafe mates by this we can learn if we are able to identify right levels it works
Daily chart which i used in idea description and in updates for trading, see how right decision it was to cover the short trade on identified support spot got a great bounce from there
Note
This is a snapshot shared in chart description mentioned as for range bound trading-:so after completed sell targets shared in update above and exact bounce from rising support on weekly chart now price want to break support which actually will act as a resistance for it mates, and if close above we can see it can reach to marked resistance or target marked above resistance in this snapshot
Weekly bounce
Note
Hi friends sharing published weekly chart as you will know after reading updates above that after sell it completed sell target too price did not breached channel up support at that time infact got a proper bounce from channel's support line, but this time it breached slight by yesterday's candle and rest fall today happen so now my point is about for trend which i shared on publish chart that last swing top on weekly chart is lower then previous top menas it was a lower high trend on the top, so after breaking channel support if price will break it's higher low (marked on chart and in this update too) and close below in this case trend will go in trouble. If anyone having any question regarding Tesla can ask me.
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