TSLA: Complete Multi-Time Frame Study (H, D and W charts).
• TSLA is about to correct today, however, we have yet to see a true breakout from our Trap Zone, which we analyzed in details on my previous public study on TSLA yesterday (link below this post, as usual);
• Short-term speaking, if TSLA loses the 38.2% retracement, the next technical support is the 61.8% retracement. Usually, when TSLA finds a support at the 38.2% retracement (like it did on Jan 10), just to lose it afterwards, it ignores the 50% and seeks the 61.8% in a single move – this is not a rule, though;
• The 61.8% is at $110. Keep this in mind, as we’ll get back to it near the end of this post;
• Either way, the fact that TSLA is losing the 21 ema is another indicator that reinforces a bearish sentiment;
• Could TSLA reverse the bear trend and seek higher levels? Sure, but as long as it stays under the $123, we won’t see any meaningful reversal;
• The problem is that TSLA is in a bear trend in the daily chart, and even if it breaks its short-term resistance at $123, it has many other mid-term resistances;
• We see the 21 ema as the first resistance, and beyond it, the Fibonacci’s Retracements;
• In addition, although TSLA is trying to find a bottom, there’s no clear bullish reversal structure: No double bottom, IH&S, Cup & Handle… Not even a bullish pivot point;
• In the weekly chart, TSLA confirms a bottom sign, as it triggered last week’s Hammer, but although it is a bottom sign, indicating a possible bounce, this isn’t a true reversal sign;
• Remember the $110, the 61.8% retracement in the 1h chart? It is a key support level that has been holding TSLA’s price, and it is a support level from Sep 2020;
• The mid/long-term bear trend would only resume if it loses the $110;
• Therefore, these are the key support/resistances to watch from here. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• Short-term speaking, if TSLA loses the 38.2% retracement, the next technical support is the 61.8% retracement. Usually, when TSLA finds a support at the 38.2% retracement (like it did on Jan 10), just to lose it afterwards, it ignores the 50% and seeks the 61.8% in a single move – this is not a rule, though;
• The 61.8% is at $110. Keep this in mind, as we’ll get back to it near the end of this post;
• Either way, the fact that TSLA is losing the 21 ema is another indicator that reinforces a bearish sentiment;
• Could TSLA reverse the bear trend and seek higher levels? Sure, but as long as it stays under the $123, we won’t see any meaningful reversal;
• The problem is that TSLA is in a bear trend in the daily chart, and even if it breaks its short-term resistance at $123, it has many other mid-term resistances;
• We see the 21 ema as the first resistance, and beyond it, the Fibonacci’s Retracements;
• In addition, although TSLA is trying to find a bottom, there’s no clear bullish reversal structure: No double bottom, IH&S, Cup & Handle… Not even a bullish pivot point;
• In the weekly chart, TSLA confirms a bottom sign, as it triggered last week’s Hammer, but although it is a bottom sign, indicating a possible bounce, this isn’t a true reversal sign;
• Remember the $110, the 61.8% retracement in the 1h chart? It is a key support level that has been holding TSLA’s price, and it is a support level from Sep 2020;
• The mid/long-term bear trend would only resume if it loses the $110;
• Therefore, these are the key support/resistances to watch from here. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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