TSLA for Tomorrow Trading 10/4/2024
Current Price Action:
TSLA is trading within a descending channel, indicating a bearish trend. The stock closed near $235.67 after retesting the lower trendline of the channel.
There appears to be a slight consolidation near the lower boundary of this channel, suggesting that TSLA might be finding short-term support around this level.
Key Support Levels:
$235.50 - $236.00: Immediate support zone, also close to today’s low. This could act as a base for a potential bounce if sellers ease off.
$230.00: A psychological level and potential strong support, in case TSLA breaks below the current support.
Key Resistance Levels:
$241.50 - $241.80: The closest resistance level. TSLA needs to reclaim this zone for any potential upside movement.
$245.00: Further resistance, and the top of the descending channel. If TSLA can break above this, we could see a bullish reversal.
Potential Entry/Exit Points:
Entry (Bullish): A break and hold above $241.50 could be a good entry point for a potential reversal towards the upper channel, targeting $245.00 or higher.
Entry (Bearish): If TSLA breaks below $235.00, it could signal further downside momentum. In that case, a short entry targeting $230.00 would be strategic.
Exit (Bullish): If entering on a break above $241.50, a safe exit near $245.00 or higher (around $249.00) would align with prior resistance levels.
Exit (Bearish): If entering below $235.00, consider exiting around $230.00, as this could act as strong support.
Directional Suggestion:
Bearish Bias: With TSLA trading in a descending channel and volume not indicating a strong reversal, it’s likely that the bearish trend could continue, at least in the short term. Watch for a potential breakdown below $235.00, as it could lead to further downside.
Bullish Reversal?: A break above $241.50 could trigger some bullish momentum, but confirmation will be needed with strong volume.
Suggested Strategy:
Short-term traders may look for opportunities to scalp between the key support and resistance zones.
Swing traders can wait for a clear break of the channel—either above $245.00 (for bullish moves) or below $235.00 (for bearish moves)—before taking a position.
TSLA is trading within a descending channel, indicating a bearish trend. The stock closed near $235.67 after retesting the lower trendline of the channel.
There appears to be a slight consolidation near the lower boundary of this channel, suggesting that TSLA might be finding short-term support around this level.
Key Support Levels:
$235.50 - $236.00: Immediate support zone, also close to today’s low. This could act as a base for a potential bounce if sellers ease off.
$230.00: A psychological level and potential strong support, in case TSLA breaks below the current support.
Key Resistance Levels:
$241.50 - $241.80: The closest resistance level. TSLA needs to reclaim this zone for any potential upside movement.
$245.00: Further resistance, and the top of the descending channel. If TSLA can break above this, we could see a bullish reversal.
Potential Entry/Exit Points:
Entry (Bullish): A break and hold above $241.50 could be a good entry point for a potential reversal towards the upper channel, targeting $245.00 or higher.
Entry (Bearish): If TSLA breaks below $235.00, it could signal further downside momentum. In that case, a short entry targeting $230.00 would be strategic.
Exit (Bullish): If entering on a break above $241.50, a safe exit near $245.00 or higher (around $249.00) would align with prior resistance levels.
Exit (Bearish): If entering below $235.00, consider exiting around $230.00, as this could act as strong support.
Directional Suggestion:
Bearish Bias: With TSLA trading in a descending channel and volume not indicating a strong reversal, it’s likely that the bearish trend could continue, at least in the short term. Watch for a potential breakdown below $235.00, as it could lead to further downside.
Bullish Reversal?: A break above $241.50 could trigger some bullish momentum, but confirmation will be needed with strong volume.
Suggested Strategy:
Short-term traders may look for opportunities to scalp between the key support and resistance zones.
Swing traders can wait for a clear break of the channel—either above $245.00 (for bullish moves) or below $235.00 (for bearish moves)—before taking a position.
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