Tesla -> First Drop And Then Pop

Hello Traders,
welcome to this free and educational multi-timeframe technical analysis .

On the weekly timeframe you can see that Tesla stock is now perfectly rejecting a quite obvious previous weekly support zone, which is now turned quite strong resistance.
However Tesla stock is also approaching a previous weekly support zone, from which we could potentially also create a right shoulder, forming an inverted head and shoulders pattern, so from a weekly perspective I do expect a retest of the $170 and then a rejection towards the upside.

On the daily timeframe you can see that market structure is currently massively bearish, but as mentioned above I am now just waiting for a retest of the previous support zone at $170 from which I also do expect a daily rejection towards the upside.

Thank you for watching and I will see you tomorrow!

You can also check out my previous analysis of this asset:
https://www.tradingview.com/chart/TSLA/ZPkb1EkU-Tesla-Is-The-Rally-Already-Over/