TSLA: Next targets and important supports to keep in mind!

2020年10月13日

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

First, it did break out from the green line, which we discussed in my last analysis, and now it is going to hit the $ 461.88, the previous resistance.

Also, it already filled the gap (yellow area) at $ 446.40, and it is back on a bull trend. The 21 ema and the green line will work as support levels next, and pullbacks to these points are expected and shouldn’t be scary.

Meanwhile, it seems we have a Cup & Handle chart pattern, and it seems the zone around $ 448.78 is a secondary resistance for this pattern.

Right now, it would be very hard for the bears to take charge of the situation, but the bull trend will start to get weaker if TSLA loses the $ 439. But would only get weaker, I’m not saying it would be a reversal sign.

The trend would reverse in the short-term if we see TSLA losing supports in the daily chart:



I only would believe in a bear reaction if TSLA loses the $ 406.05. Meanwhile, the $ 461.88 is the next target for the stock.

The 21 ema is pointing up, and the Triangle pattern had an upward breakout, so the odds favor the bulls, at least in the short-term.

I would guide myself through the hourly chart, which is right now inside a Trap Zone (between the ascending 21 ema and the resistance at $ 448). Be aware of the $ 439 and its resistances!

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Have a great day!