Bullish theory for TSLA on a 1-2 week timeframe.
First, some visuals:
1. Orange Elliott Wave, numbered 1-5 - key part of the thesis, with pt 5 being the target
2. Purple downtrending line, simple an interesting trendline with a lot of activity so far in 2021
3. Blue uptrending lines - connected tops, connected bottoms - call it a megaphone if you like.
4. EMA's of varying color (20/50/100/200)
5. Green boxes, gaps in price action - filled or potentially still to-be-filled
April 19, 2021 some context:
TSLA is getting a lot of negative sentiment from an article showing a driverless car involved in a fatal crash. Many are attributing the downward action of the day to this event however worth noting the entire market is down as well, meanwhile TSLA is still fairing better than SHOP and PENN who have only killed bank accounts.
Otherwise we have seen all time highs set and reset in tech, dow and spy.
The Elliott Wave I've drawn in orange maps out a theoretical way the stock can play out, with a target of approx $820 nearterm.
What do we have going for us?
1. TSLA has been setting higher highs and higher lows since March.
a. April 12th was a great day for bullish confidence breaking through what was potentially a risky double top.
2. The gap creating on the April 12th run was just filled today on the 19th and since has seen a nice bounce off of the 200 ema (hourly) with modest volume.
a. since the bounce we've seen low volume consolidation, the break up or down ultimately deciding the validity of this theory
3. The daily candles (not shown) also are currently printing a high volume bullish candle, ultimately shaping up to be a hammer after visiting and bouncing off of the 20/50 ema (daily) convergence. I like this... a lot.
a. A daily close above 712.70 will also make this daily candle an inside day from our big April 12th move, bringing the upside of that range approx 762 and a reasonable target for the week.
4. Earnings call will be on Monday, Apr 26, so a run into earnings is not atypical, as well as a great earnings report can be a catalyst to the target (or further)
First, some visuals:
1. Orange Elliott Wave, numbered 1-5 - key part of the thesis, with pt 5 being the target
2. Purple downtrending line, simple an interesting trendline with a lot of activity so far in 2021
3. Blue uptrending lines - connected tops, connected bottoms - call it a megaphone if you like.
4. EMA's of varying color (20/50/100/200)
5. Green boxes, gaps in price action - filled or potentially still to-be-filled
April 19, 2021 some context:
TSLA is getting a lot of negative sentiment from an article showing a driverless car involved in a fatal crash. Many are attributing the downward action of the day to this event however worth noting the entire market is down as well, meanwhile TSLA is still fairing better than SHOP and PENN who have only killed bank accounts.
Otherwise we have seen all time highs set and reset in tech, dow and spy.
The Elliott Wave I've drawn in orange maps out a theoretical way the stock can play out, with a target of approx $820 nearterm.
What do we have going for us?
1. TSLA has been setting higher highs and higher lows since March.
a. April 12th was a great day for bullish confidence breaking through what was potentially a risky double top.
2. The gap creating on the April 12th run was just filled today on the 19th and since has seen a nice bounce off of the 200 ema (hourly) with modest volume.
a. since the bounce we've seen low volume consolidation, the break up or down ultimately deciding the validity of this theory
3. The daily candles (not shown) also are currently printing a high volume bullish candle, ultimately shaping up to be a hammer after visiting and bouncing off of the 20/50 ema (daily) convergence. I like this... a lot.
a. A daily close above 712.70 will also make this daily candle an inside day from our big April 12th move, bringing the upside of that range approx 762 and a reasonable target for the week.
4. Earnings call will be on Monday, Apr 26, so a run into earnings is not atypical, as well as a great earnings report can be a catalyst to the target (or further)
评论:
Gap filled but met with a bearish engulfing reversal