TSLA: Approaching its Climax.
• TSLA stock continues its rally, heading to the next resistance level, at $177 (purple line);
• So far, there’s no technical top signal, nor bearish reversal structure indicating that TSLA could correct from here;
• On the daily chart, we see that TSLA is doing higher highs/lows, and if it breaks the $177 resistance, it’ll trigger another pivot point, and in this case, it could easily seek the $200 next.
• The $200 area is close to the upper trend line of the Descending Channel seen on the weekly chart;
• Despite the mid-term rally seen on the weekly chart, the long-term trend is still bearish, and TSLA has to break this channel upwards in order to confirm a long-term bullish reversal structure;
• The main support area is around the $164 (red line), as if TSLA loses this key point, it might frustrate the mid-term bull trend;
• So far, everything seems under control. It all depends on how TSLA will react around the $177, its next climax.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• So far, there’s no technical top signal, nor bearish reversal structure indicating that TSLA could correct from here;
• On the daily chart, we see that TSLA is doing higher highs/lows, and if it breaks the $177 resistance, it’ll trigger another pivot point, and in this case, it could easily seek the $200 next.
• The $200 area is close to the upper trend line of the Descending Channel seen on the weekly chart;
• Despite the mid-term rally seen on the weekly chart, the long-term trend is still bearish, and TSLA has to break this channel upwards in order to confirm a long-term bullish reversal structure;
• The main support area is around the $164 (red line), as if TSLA loses this key point, it might frustrate the mid-term bull trend;
• So far, everything seems under control. It all depends on how TSLA will react around the $177, its next climax.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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