TSLA: New record high! How to proceed now?
Hello traders and investors! Ok, Tesla hit our target at the All Time High today (black line at $ 502.49), and now it is trading close to it.
The trend is bullish in all time frames I use to watch: Hourly, daily and weekly. This means that pullbacks are opportunities to buy, and maybe we’ll see one here, but it is a huge maybe.
Since we just hit a previous resistance, and some players who bought around $ 406 (previous support) are booking profits here. So, a pullback would be natural and would offer an opportunity to buy Tesla, at a cheaper price, below a resistance and with an optimized R/R ratio.
If you have Tesla and are afraid of a pullback, the technical point to book profits is the red line at $ 493, because if Tesla loses it, it could drop to the 21 ema again, or even the $ 461.88.
There are other strategies you can use, and the daily chart can help us here as well:
Again, Tesla did a Breakaway Gap and the volume is increasing, which is the same pattern Tesla did in the past before most of its greatest explosions, always after its congestions. To further details about it, read my previous analysis, the link to it is below.
It would be good if Tesla closes above the black line, because if it leaves a shadow above the candlestick’s body the market may see this as a sign of weakness. But as we’ve been discussing, a retest of the $ 461.88 region would be perfect, but since the trend is so strong, we can’t count too much on this.
Another indicator that Tesla could drop a little bit more, and you may use it to book profits, would be if tomorrow Tesla loses today’s low.
But if you have some guts you may just hold your position, as there is no reversal sign ahead of us, and the weekly chart is looking good:
A breakout from a Pennant chart pattern. This is a good sign and another indicator that Tesla is seeking for higher levels.
For the short-term, just keep the points mentioned above in mind, and you’ll be just fine. And if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates.
Thank you very much.
The trend is bullish in all time frames I use to watch: Hourly, daily and weekly. This means that pullbacks are opportunities to buy, and maybe we’ll see one here, but it is a huge maybe.
Since we just hit a previous resistance, and some players who bought around $ 406 (previous support) are booking profits here. So, a pullback would be natural and would offer an opportunity to buy Tesla, at a cheaper price, below a resistance and with an optimized R/R ratio.
If you have Tesla and are afraid of a pullback, the technical point to book profits is the red line at $ 493, because if Tesla loses it, it could drop to the 21 ema again, or even the $ 461.88.
There are other strategies you can use, and the daily chart can help us here as well:
Again, Tesla did a Breakaway Gap and the volume is increasing, which is the same pattern Tesla did in the past before most of its greatest explosions, always after its congestions. To further details about it, read my previous analysis, the link to it is below.
It would be good if Tesla closes above the black line, because if it leaves a shadow above the candlestick’s body the market may see this as a sign of weakness. But as we’ve been discussing, a retest of the $ 461.88 region would be perfect, but since the trend is so strong, we can’t count too much on this.
Another indicator that Tesla could drop a little bit more, and you may use it to book profits, would be if tomorrow Tesla loses today’s low.
But if you have some guts you may just hold your position, as there is no reversal sign ahead of us, and the weekly chart is looking good:
A breakout from a Pennant chart pattern. This is a good sign and another indicator that Tesla is seeking for higher levels.
For the short-term, just keep the points mentioned above in mind, and you’ll be just fine. And if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates.
Thank you very much.
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