TSLA has been down almost 40%, though it's still the superstar of this round!
Weekly: bullish structure still holds.
Daily: two warning signs: 1) short-term MA crossed over mid-term MA. 2) Price seems to close below long-term MA today.
1H: The steeper angle suggested selling pressure. In order to reversal the downtrend, price has to do following things no matter what: 1) price close above short-term MA, 2) short-term MA direction changed from going down to going up, 3)short-term MA crosses over the mid-term MA.
Without those observations, I can't make the judgement that downtrend is reversed and buying opportunities show up.
Good news is that price is coming close to daily demand zones. We can have bullish setup plans once those observations on 1H appear.
Weekly: bullish structure still holds.
Daily: two warning signs: 1) short-term MA crossed over mid-term MA. 2) Price seems to close below long-term MA today.
1H: The steeper angle suggested selling pressure. In order to reversal the downtrend, price has to do following things no matter what: 1) price close above short-term MA, 2) short-term MA direction changed from going down to going up, 3)short-term MA crosses over the mid-term MA.
Without those observations, I can't make the judgement that downtrend is reversed and buying opportunities show up.
Good news is that price is coming close to daily demand zones. We can have bullish setup plans once those observations on 1H appear.
plan your trade and trade your plan