Tesla is in tight range; bracketingInteresting setup on NASDAQ:TSLA
Price was bracketing for the last four days. The high level context is certainly bullish (daily uptrend, strong market) but bulls met strong resistance as they tried to close gap from January 24th. Two possible ways to play it LONG: either from range bottom with profit target at range high and above; or wait for bullish break out and go with it if it holds. Regardless of what you do always wait for confirming signals before commencing trade
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
Tslanalysis
TSLA ~ Snapshot TA (Daily / Nov 2023)NASDAQ:TSLA chart mapping/analysis.
Continuation of bearish price momentum.
Bull target(s)
Breakout above 38.2% Fib
Overhead gap fills (~242.08 / ~289.52)
Descending trend-line resistance (white dotted)
50% Fib
Upper range of descending parallel channel resistance (white)
Ascending trend-line resistance (green dotted) aka "return to scene of crime"
50% Fib + trend-line/parallel channel "super" confluence resistance zone
Gap fill (~289.52) + Golden Pocket Fib confluence resistance zone
Bear target(s)
Ascending trend-line support (green dotted)
Descending trend-line support (white dotted)
23.6% Fib
Underlying gap fills (~162.95 / ~146.41 / ~122.63 / ~114.39)
Lower range of ascending parallel channel (light blue) + gap fills(s) (~146.41 / ~122.63) confluence support zone(s)
$TSLA - Bullish Channel Intact $347 price TargetLooks like a clear channel has been formed to the upside with the price target at the intersection between the top of the channel line and the Pennant line at around $347. All Moving Averages looks like a bullish squeeze and converge about to take place