Tesla's Unhealthy Rise Could Correct
Tesla's Unhealthy Rise Could Correct 🚨
Tesla has experienced a significant and rapid price rally recently, creating a potential imbalance in the market. However, this chart highlights a few key areas that traders should watch for potential corrections:
1️⃣ Gap Formation: A noticeable gap formed during the rally (highlighted on the chart). Gaps often act as magnets, and markets tend to revisit them over time. This suggests the possibility of Tesla retracing to this level.
2️⃣ Resistance Zone (~$420): The price is currently testing a resistance zone after the recent pullback. If Tesla fails to break and sustain above this level, it could trigger further bearish momentum.
3️⃣ Potential Targets:
First Target (~$360): If the bearish move begins, this level, marked as a prior area of support, could act as the next stopping point.
Second Target (~$316): A deeper correction could bring Tesla back to a more balanced price range, aligning with longer-term support zones.
Tesla has experienced a significant and rapid price rally recently, creating a potential imbalance in the market. However, this chart highlights a few key areas that traders should watch for potential corrections:
1️⃣ Gap Formation: A noticeable gap formed during the rally (highlighted on the chart). Gaps often act as magnets, and markets tend to revisit them over time. This suggests the possibility of Tesla retracing to this level.
2️⃣ Resistance Zone (~$420): The price is currently testing a resistance zone after the recent pullback. If Tesla fails to break and sustain above this level, it could trigger further bearish momentum.
3️⃣ Potential Targets:
First Target (~$360): If the bearish move begins, this level, marked as a prior area of support, could act as the next stopping point.
Second Target (~$316): A deeper correction could bring Tesla back to a more balanced price range, aligning with longer-term support zones.
Trade active
Analysis seems to be right on spot so far, let's see how this will develop until the end of the week! Note
Target has been almost reached
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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.
📈 6 years in the financial markets! Join my Telegram for exclusive insights.
Telegram Link: t.me/charts_M7M
Telegram Link: t.me/charts_M7M
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.