Should we buy more TSLA(?) - July 5TSLA (Tesla Inc.) 30-minute chart, let's examine the key elements and indicators visible in the screenshot:
Time Frame: The chart is on a 30-minute time frame for TSLA on NASDAQ.
Trend Lines: An upward trend line is present, indicating a recent uptrend.
Candlestick Patterns: The recent candlesticks show a strong upward movement followed by some consolidation.
Volume Profile: The volume profile on the right shows areas of high trading activity, which can act as support and resistance levels.
Indicators: MACD is visible at the bottom of the chart.
Support and Resistance Levels:
Current Price: ~$251.03
Key Support: Around $249.89 and $236.31
Key Resistance: Around $253.68
Analysis:
Trend: The current trend is upwards, as indicated by the ascending trend line and recent price action.
Volume Profile: The volume profile suggests significant activity around $251.03 and $249.89. These levels often act as support or resistance due to the high volume of trades occurring there.
Support Levels:
First Support: $249.89 - This is a key level from the volume profile and also aligns with recent consolidation.
Second Support: $236.31 - This level is closer to a previous low and another significant volume node.
Resistance Levels:
First Resistance: $253.68 - The recent high and an area where price might face selling pressure.
Second Resistance: $260 - Not explicitly visible in the chart, but a round number and psychological resistance.
Indicators (MACD):
The MACD is showing a bullish trend with the MACD line above the signal line, which indicates upward momentum. However, watch for any divergence or crossovers that could indicate a change in momentum.
Projection for July:
Upside Potential: If the price continues to follow the ascending trend line, it is likely to test the first resistance at $253.68. A break above this level could lead to further upside towards $260.
Downside Potential: If the price fails to hold the first support at $249.89, it could test the second support at $236.31. Breaking below this level might indicate a shift in trend.
Entry/Exit Suggestions:
Swing Trading:
Entry: Consider entering a long position if the price pulls back to around $249.89 and shows signs of support (e.g., bullish candlestick patterns or increased volume).
Exit: Target the first resistance at $253.68. If the momentum is strong, consider holding for a move towards $260.
Stop-Loss: Place a stop-loss below $249.89, around $248, to manage risk.
Conclusion:
The current market sentiment for TSLA is bullish with an uptrend in place. For swing trading, look for entries around support levels with targets at resistance levels. For scalping, focus on quick trades based on breakouts and price action around key levels. Always manage risk with appropriate stop-losses.
