TESLA → an upward chancehello guys.
let's analysis Tesla
1. Key Levels:
Descending Trendline: The blue trendline represents a long-term resistance level formed by lower highs. The price has recently broken above this trendline, suggesting a potential shift in market sentiment.
QML (Quasimodo Level): The yellow box represents a demand zone where the price found support and launched the current bullish move.
2. Bullish Breakout:
The price broke above the descending trendline, signaling a possible trend reversal. The breakout is marked by a yellow circle on the chart.
After the breakout, the price pulled back slightly but remained above the QML zone, indicating strong support.
3. Upside Potential:
First Target: The first resistance level to watch is around $325.73. This is a previous swing high and could act as a significant resistance level.
Second Target: If the price breaks above $325.73, the next target would be around $402.32, which is another key resistance level from the past.
4. Bearish Scenario:
If the price fails to hold above the QML zone and the trendline, it could indicate a false breakout. This might lead to a retest of lower levels, possibly back to the QML zone or even lower.
Summary
Descending Trendline: A long-term resistance level has been broken, indicating a potential bullish reversal.
QML Zone: A strong demand area supporting the current uptrend.
Bullish Scenario: Targets are $325.73 and $402.32 if the uptrend continues.
Bearish Scenario: Failure to maintain above the trendline and QML zone could lead to a retest of lower levels.
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