Tesla is currently in the middle of forming a bullish descending channel which typically consists of three bounces off the top resistance level ( 3rd bounce is yet to be played out but should within next week ), and the should come back to a third bounce off the support. This is called the three drives pattern ( bullish ).
TSLA has a small gap to close at $840 and will find support around $820 from the support line since the March 2020 dip. A break of this support would be very concerning, but having a stop loss in place would be fine as chances of a bounce from support are high. If the general market continues with the bullish sentiment, the 3.272 fib level would probably be reached on the next upwards wave ( around 6 months time )
TSLA has a small gap to close at $840 and will find support around $820 from the support line since the March 2020 dip. A break of this support would be very concerning, but having a stop loss in place would be fine as chances of a bounce from support are high. If the general market continues with the bullish sentiment, the 3.272 fib level would probably be reached on the next upwards wave ( around 6 months time )
Note
Third top has been hit, will it breakout of this downwards channel? If not, im afraid we're likely to see around $820
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.