TSLA: Key points for the short/mid-term.

Hello traders and investors! Let’s see how TSLA is doing today!

In the 1h chart, it looks like we have a Triangle chart pattern, as evidenced by the purple lines. This is a continuation pattern (this is not a rule, though), and since the trend is bullish, an upward breakout would be natural.

But, what if we break downwards? Then we will lose the 21 ema and seek the $ 700, which seems to be a relevant support level for us to work with.

Keep in mind that it is natural that Tesla is struggling in the past few days, as we just hit a resistance in the daily chart:


It is interesting to notice that the Triangle seen in the 1h chart (the last 3 candlesticks, in the daily chart), has decreasing volume. There’s no real sell-off here, just a lack of momentum.

If we lose the $ 700, we have a good support at $ 689, which is also quite close to the gap seen in the 1h chart, around $ 687. Therefore, this area is a good support candidate, if the Triangle and the support at $ 700 fail.

Remember: We have an open gap at $ 732.20, and we almost filled it this week. Gaps work as magnets.

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Thank you very much.