TSLA: Insanely Bullish - Next Key Points to Watch.
In our last TSLA analysis we warned about resistance at $233 and that a breakout would take us to the next target at $245 to close the gap. Now, two weeks later, our target has not only been reached, but broken.
So I'll update you on the next key points to keep an eye on. Our last public TSLA study was done two weeks ago here on TradingView, and the link to it is below this post.
Daily Chart (Left):
Resistance at $265.13: The price is climbing toward the resistance at $265.13, which is a significant level as it marks the high from July. The price recently broke above $245.63, indicating strong upward momentum and clearing a key resistance level. Now, this previously broken resistance could act as a support.
Support at $233.09: The $233.09 level has held as a key support after the breakout in Sep 19, and the price has trended higher since bouncing off this level.
Trendline Support: The ascending purple trendline provides dynamic support, and the price has consistently respected it during this upward move. A break below this line could signal a potential change in trend, but for now, the trend is bullish.
Weekly Chart (Right):
Bullish Continuation: On the weekly chart, the price continues to show a strong bullish trend as it climbs higher after bouncing off key support at around $180. The recent price action suggests the potential for testing the $265.13 resistance.
Momentum: The 21-week EMA (blue line) continues to provide support, reinforcing the uptrend. This moving average has been well respected in the past, and the price staying above it is a positive sign for bulls.
Conclusion:
Tesla’s price action looks strong as it approaches a critical resistance at $265.13. If the price breaks and holds above this level, it could open the door for further gains. However, traders should monitor the $245.63 level, as it now acts as a support zone, while the purple trendline continues to offer a guide for the uptrend.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
So I'll update you on the next key points to keep an eye on. Our last public TSLA study was done two weeks ago here on TradingView, and the link to it is below this post.
Daily Chart (Left):
Resistance at $265.13: The price is climbing toward the resistance at $265.13, which is a significant level as it marks the high from July. The price recently broke above $245.63, indicating strong upward momentum and clearing a key resistance level. Now, this previously broken resistance could act as a support.
Support at $233.09: The $233.09 level has held as a key support after the breakout in Sep 19, and the price has trended higher since bouncing off this level.
Trendline Support: The ascending purple trendline provides dynamic support, and the price has consistently respected it during this upward move. A break below this line could signal a potential change in trend, but for now, the trend is bullish.
Weekly Chart (Right):
Bullish Continuation: On the weekly chart, the price continues to show a strong bullish trend as it climbs higher after bouncing off key support at around $180. The recent price action suggests the potential for testing the $265.13 resistance.
Momentum: The 21-week EMA (blue line) continues to provide support, reinforcing the uptrend. This moving average has been well respected in the past, and the price staying above it is a positive sign for bulls.
Conclusion:
Tesla’s price action looks strong as it approaches a critical resistance at $265.13. If the price breaks and holds above this level, it could open the door for further gains. However, traders should monitor the $245.63 level, as it now acts as a support zone, while the purple trendline continues to offer a guide for the uptrend.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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