TSLA is ready for the biggest move in its history
TSLA will soon have the biggest move in its history on the stock market. It is coiling in a 2-year-old symmetrical triangle, and there is no more room for coiling to continue. It is at the end of the top of the triangle, and the move is imminent.
Both RSI and MACD are in the middle and don't show anything about where the move could be.
For bulls, there is a slight chance for a breakout because the symmetrical triangle is a continuation pattern, and if we watch it from the start, this symmetrical triangle is forming at higher levels. I would like to see a break on the weekly chart above the blue upper dotted line before entering a longer position. This line represents a minor trend line and connects shadows, while the main trend line connects the closing price. The move should be on a huge candle with volume. Major resistance at ATH.
For bears, I would like to see a close below the blue dotted line and also below the 200-week MA. There is more chance for bulls as support is very strong. But if bears manage to break down, and if the break below BigRed, the drop will be crazy and fast, and we will visit 100 in several weeks. Major support at 100
Make or break will be within weeks or days.
Both RSI and MACD are in the middle and don't show anything about where the move could be.
For bulls, there is a slight chance for a breakout because the symmetrical triangle is a continuation pattern, and if we watch it from the start, this symmetrical triangle is forming at higher levels. I would like to see a break on the weekly chart above the blue upper dotted line before entering a longer position. This line represents a minor trend line and connects shadows, while the main trend line connects the closing price. The move should be on a huge candle with volume. Major resistance at ATH.
For bears, I would like to see a close below the blue dotted line and also below the 200-week MA. There is more chance for bulls as support is very strong. But if bears manage to break down, and if the break below BigRed, the drop will be crazy and fast, and we will visit 100 in several weeks. Major support at 100
Make or break will be within weeks or days.
Comment:
TSLA is breaking down from a symmetrical triangle.
Very bearish.
If TSLA doesn't close tomorrow above 228 we will likely see TSLA below last year's low.
TSLA is breaking down from a symmetrical triangle.
Very bearish.
If TSLA doesn't close tomorrow above 228 we will likely see TSLA below last year's low.
Comment:
Game over for TSLA Bulls! We will almost certainly revisit 2023 low at 100 or lower!
Consistency is the key of success....
Bulls this is an extra bad sign for you. TSLA tried to break but wasn't able and now had formed a bearish reversal candlestick pattern on the weekly chart.
Very bearish!