Hello my friends! Tesla is dropping sharply, and if you did read my previous analysis, this is not surprising (link below).
Tesla just did the technical movement we already discussed: It just did a pullback to the 21 ema in the hourly chart to gather strength to break this support at $ 372, triggering a pivot that can lead the stock to lower levels.
What are the targets now? Let’s see the daily chart:
As Tesla just lost its support at the purple line (previous top), the next target is the next support, meaning the pink line at $ 273. It helps that we have a gap down there, that could help to drag the prices down. Gaps works as magnets.
Also, it helps that the 21 ema in the weekly chart is very close to this level right now, so, it seems to be a natural target for Tesla at the moment:
The purple line at $ 359 was the most important point for Tesla in my view, but it was easily defeated. I can’t discard the possibility of a pullback to it, in order to trigger another bearish pivot, but we can’t count on it too much. If we don't see a clear reaction quickly, Tesla will continue to seek for lower supports.
The good news is that the weekly chart is still bullish, and the recent drop shouldn't scare a holder. A pullback to the 21 ema would be just opportunity.
Right now, I see no reasons to buy Tesla, and if you ask me, the stock is highly speculative - too much for my taste. I can think about dozens of stocks more interesting than Tesla right now.
These are the most important points for Tesla, and if you made this far, please, support this idea and follow me to keep updated about analyses! Everyday I’ll be here to share a few thoughts with you, and probably you’ll find something interesting around.
Stay safe.
Tesla just did the technical movement we already discussed: It just did a pullback to the 21 ema in the hourly chart to gather strength to break this support at $ 372, triggering a pivot that can lead the stock to lower levels.
What are the targets now? Let’s see the daily chart:
As Tesla just lost its support at the purple line (previous top), the next target is the next support, meaning the pink line at $ 273. It helps that we have a gap down there, that could help to drag the prices down. Gaps works as magnets.
Also, it helps that the 21 ema in the weekly chart is very close to this level right now, so, it seems to be a natural target for Tesla at the moment:
The purple line at $ 359 was the most important point for Tesla in my view, but it was easily defeated. I can’t discard the possibility of a pullback to it, in order to trigger another bearish pivot, but we can’t count on it too much. If we don't see a clear reaction quickly, Tesla will continue to seek for lower supports.
The good news is that the weekly chart is still bullish, and the recent drop shouldn't scare a holder. A pullback to the 21 ema would be just opportunity.
Right now, I see no reasons to buy Tesla, and if you ask me, the stock is highly speculative - too much for my taste. I can think about dozens of stocks more interesting than Tesla right now.
These are the most important points for Tesla, and if you made this far, please, support this idea and follow me to keep updated about analyses! Everyday I’ll be here to share a few thoughts with you, and probably you’ll find something interesting around.
Stay safe.
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