TSLA: Some scenarios to work with.Hello traders and investors! Let’s see how Tesla is doing today!
First, it is trading near a support level, the 21 ema, which is holding the price quite well. If TSLA loses the 21 ema then it would seek lower support levels, like the red line at $ 521, or the black line at $ 641, but since the trend is bullish, we can’t count too much on that scenario.
The odds are Tesla will defeat the resistance level at $ 668, and this could make it hit the $ 684 again. Right now, in the hourly chart, we have a strong candlestick pattern called Bullish Engulfing, and this increases the chances of an upside movement.
In the daily chart, it seems Tesla is doing a sideways movement , and it wants to hit the 21 ema again. The volume is very low, which was expected, since we are between Holidays, but this also tells me that Tesla is not in danger.
There are no pullback or reversal signs around, and in the worst-case scenario Tesla would hit the 21 ema again.
Let’s keep monitoring Tesla closely, and if you liked this analysis, please, support it ! And I invite you to follow me to keep in touch with my daily updates.
Thank you very much.
