Overview:
At the time of writing, the stock is hovering around $215, barely holding on to that level. The next significant support aligns with the lower boundary of my descending channel, around $210. If that level fails, I believe we could see further downside—potentially even a move below $200 if selling pressure intensifies.
Technical Observations:
1. **Descending Channel**
My chart shows TSLA trading within a **downward-sloping channel**. The stock is currently near the lower portion of that channel, suggesting that if it loses support at $210, it may continue sliding along the lower band.
2. **Key Support & Resistance Levels**
- $210: This level is both a psychological round number and the lower bound of the channel. If it doesn’t hold, further downside is likely.
- $232: This is a notable resistance level near the channel’s upper boundary. Breaking above $232 (especially on strong volume) could be a signal of a short-term reversal or a relief rally.
3. **Indicators (RSI & TRAMA)**
- **RSI**: Currently in oversold territory, which sometimes indicates a potential bounce. However, oversold can remain oversold if momentum is strong.
- **TRAMA** (my chosen trend/momentum indicator): Still suggests a strong downward trend. Any bounce could be short-lived unless broader conditions change.
4. **Potential Bearish Continuation vs. Bullish Breakout**
- **Bearish Continuation**: If TSLA cannot hold $210 and continues to close below that channel line, I believe a drop below $200 becomes increasingly likely.
- **Bullish Breakout**: In the unlikely event of a swift rebound above $232, it would signal a break of the channel’s upper boundary and potentially open the door to a short-term rally.
My Personal Trading Perspective:
The slight bounce might just be a short-term relief rally, where buyers step in to pick up shares at a perceived discount. However, if there’s no follow-through and volume remains lackluster, the rally can fizzle out quickly, leaving room for further declines.
- Long-Term Entry:
I’d personally look for a strong breakout and daily close above $232 (and above the upper 2nd deviation line) before adding to any long-term positions. That would give me more confidence that the downward trend is reversing.
- Short-Term Long:
I’m watching for a retest of $210. If it holds and shows signs of a bounce, I might take a short-term long position with a potential profit target around $220. I would keep a tight stop-loss, though, because if $210 fails, it could drop quickly.
My report is similar to yesterday. My thought process has not changed.
Disclaimer: This is my personal trading perspective and not formal investment advice. Always do your own research, double check my findings, and manage your risk accordingly.
At the time of writing, the stock is hovering around $215, barely holding on to that level. The next significant support aligns with the lower boundary of my descending channel, around $210. If that level fails, I believe we could see further downside—potentially even a move below $200 if selling pressure intensifies.
Technical Observations:
1. **Descending Channel**
My chart shows TSLA trading within a **downward-sloping channel**. The stock is currently near the lower portion of that channel, suggesting that if it loses support at $210, it may continue sliding along the lower band.
2. **Key Support & Resistance Levels**
- $210: This level is both a psychological round number and the lower bound of the channel. If it doesn’t hold, further downside is likely.
- $232: This is a notable resistance level near the channel’s upper boundary. Breaking above $232 (especially on strong volume) could be a signal of a short-term reversal or a relief rally.
3. **Indicators (RSI & TRAMA)**
- **RSI**: Currently in oversold territory, which sometimes indicates a potential bounce. However, oversold can remain oversold if momentum is strong.
- **TRAMA** (my chosen trend/momentum indicator): Still suggests a strong downward trend. Any bounce could be short-lived unless broader conditions change.
4. **Potential Bearish Continuation vs. Bullish Breakout**
- **Bearish Continuation**: If TSLA cannot hold $210 and continues to close below that channel line, I believe a drop below $200 becomes increasingly likely.
- **Bullish Breakout**: In the unlikely event of a swift rebound above $232, it would signal a break of the channel’s upper boundary and potentially open the door to a short-term rally.
My Personal Trading Perspective:
The slight bounce might just be a short-term relief rally, where buyers step in to pick up shares at a perceived discount. However, if there’s no follow-through and volume remains lackluster, the rally can fizzle out quickly, leaving room for further declines.
- Long-Term Entry:
I’d personally look for a strong breakout and daily close above $232 (and above the upper 2nd deviation line) before adding to any long-term positions. That would give me more confidence that the downward trend is reversing.
- Short-Term Long:
I’m watching for a retest of $210. If it holds and shows signs of a bounce, I might take a short-term long position with a potential profit target around $220. I would keep a tight stop-loss, though, because if $210 fails, it could drop quickly.
My report is similar to yesterday. My thought process has not changed.
Disclaimer: This is my personal trading perspective and not formal investment advice. Always do your own research, double check my findings, and manage your risk accordingly.
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.
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.