TSLA: Lots of Technical Movements.
• TSLA is still trading inside a congestion, between the resistance at $200 and the support around $186 - $187, which we talked about in our last public analysis (link below this post);
• Yesterday, TSLA did a downwards breakout from an Ascending Channel (purple lines), just to hit its support at $186 again, and now, TSLA is retesting the bottom of the channel as a resistance, as evidenced by the last red line;
• This movement follows the Principle of Polarity, which states that previous support levels are supposed to work as future resistance levels, and vice-versa;
• Despite the good reaction above the 21 ema, this alone isn’t good enough to make TSLA fly again.
• In the daily chart, we see a series of 6 bearish candlesticks, while it is just moving sideways. This is a sign of weakness, but as long as TSLA remains above its key support at $187, and the 21 ema, the trend will just remain sideways, not bearish;
• In order to do something new, TSLA needs to do a clear breakout from this congestion. So far, there’s no evidence pointing towards any direction, but probably we’ll see something new soon.
• I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analysis!
• Yesterday, TSLA did a downwards breakout from an Ascending Channel (purple lines), just to hit its support at $186 again, and now, TSLA is retesting the bottom of the channel as a resistance, as evidenced by the last red line;
• This movement follows the Principle of Polarity, which states that previous support levels are supposed to work as future resistance levels, and vice-versa;
• Despite the good reaction above the 21 ema, this alone isn’t good enough to make TSLA fly again.
• In the daily chart, we see a series of 6 bearish candlesticks, while it is just moving sideways. This is a sign of weakness, but as long as TSLA remains above its key support at $187, and the 21 ema, the trend will just remain sideways, not bearish;
• In order to do something new, TSLA needs to do a clear breakout from this congestion. So far, there’s no evidence pointing towards any direction, but probably we’ll see something new soon.
• I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analysis!
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