TSLA Technical Analysis for Oct. 30, 20241. Current Price Action
Consolidation Phase: TSLA appears to be in a consolidation phase around the $260-$270 level after a recent upward trend. Price has recently struggled to break higher, indicating potential resistance overhead.
Volume Analysis: The recent volume spikes during pullbacks suggest some selling pressure, but the lack of follow-through indicates that buyers are still interested, albeit cautiously.
2. Support and Resistance Levels
Immediate Resistance: The $273-$275 area is acting as immediate resistance. This is visible from previous high points, where the price has tested and rejected from this range. Breaking above this could open up more upside potential.
Key Support Levels:
Near-term Support: Around $259.70 and $255.50. These levels serve as minor support areas that may attract buying interest.
Major Support: $249.89 and then down to $212-$211. This lower support zone could be a strong buying area if the price experiences a deeper pullback.
3. Entry and Exit Points
Long Position:
Entry: Consider entering if TSLA breaks and holds above the $273-$275 resistance level,
indicating strong bullish momentum.
Stop Loss: Place a stop loss around $255, slightly below the immediate support level, to limit downside risk.
Profit Target: First target around $285-$290, with the potential for more upside if momentum continues.
Short Position:
Entry: If TSLA fails to break above $273-$275 and shows a rejection pattern, a short position might be considered.
Stop Loss: Place a stop just above $275 to manage risk.
Profit Target: Aim for $259, with a more extended target around $250 if downward momentum strengthens.
4. Projection: Where TSLA Could Head
If TSLA breaks above $275 with strong volume, it could potentially rally towards the $290-$300 range.
On the downside, failing to hold $259 may see TSLA testing $250, with a deeper pullback potentially targeting the $212 support.
Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Trading stocks involves risk, and you should perform your own research or consult a financial advisor before making any trading decisions.
