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TSLA: Approaching a Key Support!• The sell-off persists on TSLA, and it seems we are seeking the 21 ema again; • The 21 ema is around the black line at $187, which is a trigger point of a possible Double Top chart pattern; • The bias is still bullish on TSLA, but if it loses this area, and we don’t see any bullish reaction, it might reverse the sentiment; • Therefore, the area around $180s is extremely important for TSLA. So far, we don’t see any bullish reaction, but it is still above its key support levels; • On the other hand, in order to resume the bullish sentiment TSLA has to break the $214; • Right now, we are in “no man’s land”, moving erratically, but soon we’ll have some definition. I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analyses!
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
6
TSLA: Trapped in a "No Man's Land".• TSLA is stabilizing today, after Friday’s bullish reaction; • Since TSLA failed in breaking the $214, and it did a top sign last week, it is just showing signs of weakness, however, the bias is still bullish; • The trend is still bullish as TSLA have yet to trigger a lower high/low pattern and it is still above the 21 ema; • The fact it did a double top at $214 might indicate a possible Double Top chart pattern, which is a bearish reversal structure, but TSLA didn’t trigger this pattern yet – it has to lose the $187 in order to technically trigger this Double Top; • Either way, it seems TSLA would have to break the $214 in order to resume the bull trend. For now, it seems this is just a sideways correction, trapped in a "no man's land", between its key resistance at $214, and its multiple support levels like the $187 or the 21 ema. • I’ll keep you updated every day on this. Remember to follow me to keep in touch with my daily analyses!
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
7
📊 Chart Pattern CheatsheetChart patterns are visual representations of a stock's price movement over time. These patterns can provide traders with information about the stock's trend, momentum, and potential future direction. Continuation and reversal patterns are two types of chart patterns that traders use to identify potential entry points. When considering entry points for both continuation and reversal patterns, traders often use a combination of technical indicators and price action analysis. They may use tools such as moving averages, oscillators, and trendlines to confirm a pattern's validity and identify potential entry points. Additionally, traders may set stop-loss orders to manage risk and limit potential losses. 🔹 Continuation patterns Continuation patterns are chart patterns that suggest that the current trend will continue. They occur when the stock price consolidates in a certain range, showing a temporary pause in the trend. Some common continuation patterns include triangles, flags, and pennants. Traders may look to enter a long position when the stock price breaks out of the pattern, typically on higher than average trading volume. 🔹 Reversal patterns Reversal patterns, on the other hand, suggest that the current trend is likely to reverse. These patterns occur when the stock price has reached a high or low point and is likely to move in the opposite direction. Some common reversal patterns include head and shoulders, double tops and bottoms, and the "V" pattern. Traders may look to enter a short position when the stock price breaks below a support level or the neckline of a pattern. 👤 @AlgoBuddy 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
7