TSLA Today Nov. 7 2024
Tesla has formed a clear ascending channel, indicated by the upper and lower trendlines. The recent price action shows a series of higher highs and higher lows, which typically suggests an uptrend.
The price is near the top of this channel, suggesting potential resistance. If it breaks above the upper trendline with significant volume, it could signal a continuation of the bullish trend. Otherwise, a reversal or a period of consolidation within the channel is likely.
Key Levels:
Resistance: Around $290 - The price has repeatedly tested this area and could face selling pressure here.
Support: Around $273 - This is a support zone within the channel where buyers might step in if the price pulls back.
Lower Support Zone: Around $250 - In case of a significant pullback, this area might serve as a key support level to watch.
Volume & Momentum:
Volume has been relatively high on upward moves, which is supportive of the trend. However, it’s important to monitor if volume sustains, especially near resistance.
Indicators MACD appear to be overbought, signaling a possible cooldown. Watch for bearish divergence if the price tests the channel's upper boundary without a new high in momentum.
Potential Scenarios:
Bullish: If Tesla breaks above $290 with strong volume, it could aim for new highs above this level. Intraday traders might look to scalp or hold a position through the breakout with caution around each resistance.
Bearish: If TSLA rejects the $290 level, it could test lower levels within the channel, around $273 and potentially down to $250 if sellers gain control. This could provide shorting opportunities on rejections at the resistance or a breakdown below $273.
Disclaimer
This analysis is for informational purposes only and should not be considered financial advice. Always do your own research or consult a financial professional before making trading decisions. Remember that all trading involves risk, and past performance does not guarantee future results.
The price is near the top of this channel, suggesting potential resistance. If it breaks above the upper trendline with significant volume, it could signal a continuation of the bullish trend. Otherwise, a reversal or a period of consolidation within the channel is likely.
Key Levels:
Resistance: Around $290 - The price has repeatedly tested this area and could face selling pressure here.
Support: Around $273 - This is a support zone within the channel where buyers might step in if the price pulls back.
Lower Support Zone: Around $250 - In case of a significant pullback, this area might serve as a key support level to watch.
Volume & Momentum:
Volume has been relatively high on upward moves, which is supportive of the trend. However, it’s important to monitor if volume sustains, especially near resistance.
Indicators MACD appear to be overbought, signaling a possible cooldown. Watch for bearish divergence if the price tests the channel's upper boundary without a new high in momentum.
Potential Scenarios:
Bullish: If Tesla breaks above $290 with strong volume, it could aim for new highs above this level. Intraday traders might look to scalp or hold a position through the breakout with caution around each resistance.
Bearish: If TSLA rejects the $290 level, it could test lower levels within the channel, around $273 and potentially down to $250 if sellers gain control. This could provide shorting opportunities on rejections at the resistance or a breakdown below $273.
Disclaimer
This analysis is for informational purposes only and should not be considered financial advice. Always do your own research or consult a financial professional before making trading decisions. Remember that all trading involves risk, and past performance does not guarantee future results.
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