TSLA had a great rise from the button just as was predicted in the last two analyses, and after the report, it was even more bullish than was analyzed. TSLA had an unhealthy rise from 100 to 200$ in 3 weeks, which will now be likely corrected. Not only 200$ round number was strong resistance but also support and resistance from Oct, Nov and Dec were too strong resistance for the first try. The last two days formed 2 bearish reversal candlestick patterns doji and shooting star means it is more bearish than bullish.
It is above 8, 20, and 50 days MA but it is still below BigRed. For now, it is overextended from 8 days MA which means it needs to cool down to be able to rise more.
Volume is great and confirms price action and maybe even long-term bottom.
RSI has negative bearish divergences which indicate price could drop imminent and cool down. Same as it had positive divergences at the bottom when we bought it.
MACD is overbought and due to retreat.
Overall: TSLA formed two bearish reversal candlestick patterns and is due to correct. For bulls best option would be consolidation and drop on much lower volume toward the 150-161 area or 05 and 0.382 Fib retracement and then start to move up on bigger volume again.
If the correction will be opposite, on huge volume and a big red candle that would open the possibility to retest lows. Retesting lows would be best for bulls for the long term as if hold that would mean 101 was the ultimate bottom for TSLA.
Time will tell, but for now, there is more chance for correction than to continue or move up.
It is above 8, 20, and 50 days MA but it is still below BigRed. For now, it is overextended from 8 days MA which means it needs to cool down to be able to rise more.
Volume is great and confirms price action and maybe even long-term bottom.
RSI has negative bearish divergences which indicate price could drop imminent and cool down. Same as it had positive divergences at the bottom when we bought it.
MACD is overbought and due to retreat.
Overall: TSLA formed two bearish reversal candlestick patterns and is due to correct. For bulls best option would be consolidation and drop on much lower volume toward the 150-161 area or 05 and 0.382 Fib retracement and then start to move up on bigger volume again.
If the correction will be opposite, on huge volume and a big red candle that would open the possibility to retest lows. Retesting lows would be best for bulls for the long term as if hold that would mean 101 was the ultimate bottom for TSLA.
Time will tell, but for now, there is more chance for correction than to continue or move up.
Consistency is the key of success....
