Is TSLA Ready To Pump??Technical Analysis:
- Tesla(TSLA) is now doing a WXY correction in blue. We expect it to be completed the wave ((2)) in the next 2-4 weeks
- TSLA must find the strong buyers at around HKEX:150 - $155 where we like to buy
- TSLA can't cross the green validation level in order to support higher bounce in wave 3
Tesla Right Side
- H1 right side is turning down
- H4 right side is turning up
- Weekly right side is up
Technical Information:
- Don't sell TSLA now
- Wait for wave ((2)) to be completed in order to buy
Tslaneutral
TSLA-NEUTRALSome week back was stopped out near low, and now we have moved up sharply.
We are still within this large ranging box, and I am not willing to commit as yet to a particular direction.
The chart does suggest higher prices, but again, we have had some whipsaw movements and that advises me to stay away for a while.
TSLA-NEUTRAL downside bias once againGot stop-out on this on $ 865 trying to be long, changed my mind :( can happen... that's life they say...
anyway, we did violate downside support $ 885 and again no clear break $ 960 area, but ok wanted to test if it could go higher, and did not... the picture starts looking south once again, but I feel I like to monitor this few days or the week.
Overall we may see $ 600-750 and selling now seems a little late based on the break level. so let it rest a while...
TSLA matters a lot to the overall market Using Aspen Trading Support & Resistance Levels, a move below 978 is going to break the support and things can get ugly really quickly from that point for TSLA.
The overall market can also get impacted if the 1.2 trillion market cap of TSLA shrinks in size.
Please provide your feedback in comments if you like the analysis.
Note - Aspen Trading S/R levels are invite only. They can be accessed through my profile information.
Disclaimer: This analysis is for information purpose only and does not constitute any investment advice.
How much more can TSLA innovate?Note: All of what I claim below is simply the way I perceive the market. I am not certain nor do I suggest you take my advice without first taking into consideration what I have said. Whatever you do, be critical of what everyone claims. Those who claim certainty in the market tend to get hurt the most.
Observations
Notice how price broke below the major diagonal uptrend line (A) and spiked back above it. This tells me that price is still in an uptrend and that the market participants felt strongly about this sentiment.
When it broke below the diagonal uptrend line (A), look how it bounced off of the already established major horizontal trendline (B), further strengthening this area as a strong support level.
The action mentioned above led to the development of a large channel between trendline B and C. This suggests that the price is likely to continue trading within this range, as each level will require a great deal of fighting to get through. This will not be an easy feat.
I wouldn’t be surprised to see some trading within that ascending triangle I’ve highlighted above. I only say this because the horizontal trendline C and the diagonal trendline A intersect at the rightmost end of that triangle. I expect a strong movement when it breaks above or below those two major trendlines.
I believe there is a high probability that we will soon see a retest of the major resistance level. If it breaks above, I imagine the price will continue its course upward.
But if it breaks below uptrend line (A), then I imagine it will continue towards major support trendline (B) and experience resistance there. A break below that would not be a good sign..
Thanks for reading,
Have a nice day!