When I dive in to charts I like to start at the monthly and zoom out years
Monthly view
Side ways and trend less . Price is trading between 120-400..
On sideways trends you usually see price return back Demand.
Throw on some cute trendlines and you can see the triangle that led to the explosive move.. Trendline support is Around 210.. below 210 cand TSLA is going Sub 200
Weekly chart
So when I'm describing and showing you my charts I like to keep things clean and simple so you can see what I see..
Here I only left the monthly trendline support and I added Bollingerbands..
As you can see Tesla was outside it's Weekly Bbands so the bounce was due but what annoyed me is they didn't close the Fawking gap at 213.57. before TSLA breaks back over 300 they WILL CLOSE THAT GAP..
When TSLA price shot up to 470 the weekly technicals were extremely overbought; MFI,RSI,MACD ,Stock etc..
In comparison we are not nearly as oversold here. TSLA price would have to drop near 160 for us to be as oversold as we were overbought at 470!.
Trendlines are like Ketchup, they go on everything.. here's the weekly RSI and and weekly chart, same trendline support
And this is why I say, the Do or die line for TSLA is 210.
Daily chart
Let's take a quick trip to see how we got here ..
First there was the double top that took us from 470 to 330
Then shit got real and they formed a H&S
That H&S target is 213 gap close
now.. focusing on a trade setup going into next week..
TSLA weekly candle finished with a hammer so I give it 75% chance we see a higher high. My weekly higher high target would be 263-267.. weekly 50ma + stiff price action will act as tough resistance here
To see how we would get there less go to the 1hour chart and you'll see Tesla is inside a tight pennant... The range inside that pennant will 243-250 going into next week
A break above 253.50 and I like longs to 263 gap close . LONG ONLY OVER 253.
pennants can go either way
If TSLA breaks below 240 then I like the short to 230 gap close and most likely 213 gap close is incoming
My max downside move on TSLA is 210, below 210 is death!
My upside move is 263, buy I could see a push to 280 if the spy goes for 585. It's just common sense that if the market moves 4% higher then TSLA will play apart unless some company specific bad news comes out..
Monthly view
Side ways and trend less . Price is trading between 120-400..
On sideways trends you usually see price return back Demand.
Throw on some cute trendlines and you can see the triangle that led to the explosive move.. Trendline support is Around 210.. below 210 cand TSLA is going Sub 200
Weekly chart
So when I'm describing and showing you my charts I like to keep things clean and simple so you can see what I see..
Here I only left the monthly trendline support and I added Bollingerbands..
As you can see Tesla was outside it's Weekly Bbands so the bounce was due but what annoyed me is they didn't close the Fawking gap at 213.57. before TSLA breaks back over 300 they WILL CLOSE THAT GAP..
When TSLA price shot up to 470 the weekly technicals were extremely overbought; MFI,RSI,MACD ,Stock etc..
In comparison we are not nearly as oversold here. TSLA price would have to drop near 160 for us to be as oversold as we were overbought at 470!.
Trendlines are like Ketchup, they go on everything.. here's the weekly RSI and and weekly chart, same trendline support
And this is why I say, the Do or die line for TSLA is 210.
Daily chart
Let's take a quick trip to see how we got here ..
First there was the double top that took us from 470 to 330
Then shit got real and they formed a H&S
That H&S target is 213 gap close
now.. focusing on a trade setup going into next week..
TSLA weekly candle finished with a hammer so I give it 75% chance we see a higher high. My weekly higher high target would be 263-267.. weekly 50ma + stiff price action will act as tough resistance here
To see how we would get there less go to the 1hour chart and you'll see Tesla is inside a tight pennant... The range inside that pennant will 243-250 going into next week
A break above 253.50 and I like longs to 263 gap close . LONG ONLY OVER 253.
pennants can go either way
If TSLA breaks below 240 then I like the short to 230 gap close and most likely 213 gap close is incoming
My max downside move on TSLA is 210, below 210 is death!
My upside move is 263, buy I could see a push to 280 if the spy goes for 585. It's just common sense that if the market moves 4% higher then TSLA will play apart unless some company specific bad news comes out..
Note
You see the volume spike after the election in early Nov 5th when price was at 250$?Now look at that Volume spike when price broke 250 on March 10th..
What that means is most of the investors that bought in got stopped out at the breakdown..
Now look at your weekly 200ma at 248$
Look at your monthly 20/50ma at 250$
Now combine the volume liquidation at 250 with the resistance of those moving averages and you get an immense brick wall that will require VERY VERY VERY large buyers to get back ..
Going long below 253 is just a bad idea..
In comparison, imagine placing a bet on your favorite sports team to win the championship before the season even starts .
Related publications
Disclaimer
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.
Related publications
Disclaimer
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.