TSLA: About to Bounce.
• TSLA is reacting now that it hit its 38.2% Fibonacci’s Retracement;
• This is expected, but TSLA is still in a bear trend, and there’s no bullish reversal structure on it yet;
• In the 1h chart, it is inside a Descending Channel (trying to break it this morning), while in the daily chart, it triggered an H&S chart pattern;
• In theory, a pullback to the neckline is acceptable, which is at $187, exactly where the 21 ema is today, making this area a dual-resistance level;
• The 38.2% retracement is our key support, and in order for TSLA to resume the bearish momentum, it’ll need to break it again. Right now, we are between two important key points. Let’s see how TSLA will react from here.
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• This is expected, but TSLA is still in a bear trend, and there’s no bullish reversal structure on it yet;
• In the 1h chart, it is inside a Descending Channel (trying to break it this morning), while in the daily chart, it triggered an H&S chart pattern;
• In theory, a pullback to the neckline is acceptable, which is at $187, exactly where the 21 ema is today, making this area a dual-resistance level;
• The 38.2% retracement is our key support, and in order for TSLA to resume the bearish momentum, it’ll need to break it again. Right now, we are between two important key points. Let’s see how TSLA will react from here.
Remember to follow me to keep in touch with my daily analysis!
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