Tesla (TSLA) at Critical Support | Potential Reversal Ahead?
This is a technical analysis chart of Tesla, Inc. (TSLA) on a 4-hour timeframe.
Key Observations:
Fibonacci Retracement & Extension Levels
Fibonacci retracement levels are plotted, showing key resistance and support areas.
The 1.618 Fibonacci extension level (~298.30) is acting as a key support zone.
The price is currently near this support, suggesting a possible reversal.
Bearish Trend & Support Test
Tesla has been in a downtrend, making lower highs and lower lows.
The latest price action suggests a sharp decline, reaching strong historical support.
Potential Bullish Reversal (Red Arrow Projection)
The chart indicates a potential bounce from the 298-300 support zone.
A bullish recovery could aim toward Fibonacci levels at 406 (1.0), 443 (0.786), and 473 (0.618) as resistance levels.
Conclusion:
If TSLA holds above the 298 support, a bullish reversal could push prices higher.
A break below 298 could lead to further downside.
Traders should watch for confirmation signals like strong bullish candles or increased volume before entering a trade.
Key Observations:
Fibonacci Retracement & Extension Levels
Fibonacci retracement levels are plotted, showing key resistance and support areas.
The 1.618 Fibonacci extension level (~298.30) is acting as a key support zone.
The price is currently near this support, suggesting a possible reversal.
Bearish Trend & Support Test
Tesla has been in a downtrend, making lower highs and lower lows.
The latest price action suggests a sharp decline, reaching strong historical support.
Potential Bullish Reversal (Red Arrow Projection)
The chart indicates a potential bounce from the 298-300 support zone.
A bullish recovery could aim toward Fibonacci levels at 406 (1.0), 443 (0.786), and 473 (0.618) as resistance levels.
Conclusion:
If TSLA holds above the 298 support, a bullish reversal could push prices higher.
A break below 298 could lead to further downside.
Traders should watch for confirmation signals like strong bullish candles or increased volume before entering a trade.
Trade closed: target reached
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.