What’s Happening with Tesla?
I bet that’s what every trader has been wondering. This is because we have seen Tesla just hitting support and resistance over and over again (for months), and nothing ever really happening. Well this could change in the next few weeks. I believe Tesla could be stuck in a reversal pattern, where we will see the price start to fall.
The first reason is because the 200 MA just crossed above the 50 MA. This is huge!!! There is roughly 200 trading days in a year, and roughly 50 in a quarter. This means that overall performance of last year is doing better that the last quarter. This is very bearish, and could result in Tesla falling massively.
Another reason why I am bearish on Tesla is because of the indicator called Stochastic. This indicator is very similar to RSI. Anyway, the stochastic indicator has a bearish divergence. Which means that the Stochasics are making a lower low, while the price of Tesla is making a higher low. This is bad, and can result in Tesla falling.
The last reason I think Tesla could have a big fall is because of the chart pattern. Currently Tesla is a symmetrical triangle pattern , which is neutral. Usually, when a stock breaks above/below the symmetrical triangle resistance/support, it flies up or crashes down. And judging by the evidence, we should be bearish Tesla. Which means that there could be a serious fall in Tesla’s price.
Thanks, Like and Follow if you are good at trading!
The first reason is because the 200 MA just crossed above the 50 MA. This is huge!!! There is roughly 200 trading days in a year, and roughly 50 in a quarter. This means that overall performance of last year is doing better that the last quarter. This is very bearish, and could result in Tesla falling massively.
Another reason why I am bearish on Tesla is because of the indicator called Stochastic. This indicator is very similar to RSI. Anyway, the stochastic indicator has a bearish divergence. Which means that the Stochasics are making a lower low, while the price of Tesla is making a higher low. This is bad, and can result in Tesla falling.
The last reason I think Tesla could have a big fall is because of the chart pattern. Currently Tesla is a symmetrical triangle pattern , which is neutral. Usually, when a stock breaks above/below the symmetrical triangle resistance/support, it flies up or crashes down. And judging by the evidence, we should be bearish Tesla. Which means that there could be a serious fall in Tesla’s price.
Thanks, Like and Follow if you are good at trading!
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.