TSLA TA for tomorrow 8/5

Technical Analysis for TSLA
Short-Term Trading (1-3 Days)

Potential Direction: Given the bearish trend and current support tests, TSLA might continue to decline if it fails to hold above the $208.00 support level.

Entry and Exit Points

Long Entry:
Entry: Above $219.23 if it breaks above with strong volume.
Exit: Near $236.27 (first resistance) or if it drops below $219.23.

Short Entry:
Entry: Below $208.00 if it shows continued weakness.
Exit: Near $186.36 (first support) or if it climbs back above $208.00.

Long-Term Trading (Weeks to Months)
Potential Direction: Monitor if TSLA can establish a base above $208.00. A breach below this level could see a move towards the $186.36 support. If it holds, a rebound towards $236.27 or higher resistance levels is possible.

Entry and Exit Points

Long Entry:
Entry: Above $219.23, indicating a trend reversal.
Exit: Near $249.89 (higher resistance) or if price action weakens.

Short Entry:
Entry: Below $208.00, confirming further downside potential.
Exit: Near $186.36 or upon bullish reversal signals.

Additional Recommendations

Risk Management: Employ tight stop-loss orders to protect against unexpected volatility, particularly around the $208.00 level.
Monitoring: Stay updated on macroeconomic conditions and broader market sentiment which may influence TSLA’s price action.
Combining technical analysis with a close watch on market sentiment will provide a robust strategy for trading TSLA. This is for educational purposes only. It is not financial advice.