TSLA: Last Chance to React Above Support Level! (D&W charts)

10 ต.ค.

In our last public study (Sep 25), we identified resistance at $265 as a key point for us, and that if a correction were to occur, the area around $233 would be our next support point.

Now, we've reached our target at $265, and corrected up to our support point, according to plan. So we should update our key points.

The link to our latest TSLA study can be found below this post.

Daily Chart (Left):

Main Resistance Level: The stock faced resistance around $265.13, which it tested multiple times and failed to break through. This level marks a critical barrier for further upward movement.
Mid-Term Support Level: Tesla is currently trading around the main mid-term support at $233.60. If this support fails, it could lead to further downside momentum.
Short-Term Bearish Pressure: The price has recently broken below the 21-day EMA, which could indicate a potential short-term bearish trend forming. Maintaining above $233.60 is crucial for bulls to defend this support zone.

Weekly Chart (Right):

Critical Resistance Zone: On the weekly chart, $265.13 is highlighted as a critical resistance, which has now formed a triple-top pattern. This pattern typically signals strong selling pressure, suggesting that a clear breakout above this level would be necessary for further bullish continuation.
21-week EMA: If TSLA fails to hold above the $233, then a pullback to the 21-week EMA will likely occur. If TSLA fails to hold above this support, then a sharper correcction to the $182 could happen, our next support level.

Summary:

Tesla is at a pivotal point, trading between a strong support ($233.60) and a critical resistance ($265.13). A break below $233.60 could trigger a deeper pullback towards the $182.00 area, while a successful hold and bounce from this level would keep the bullish structure intact. For the bullish scenario to regain control, a confirmed breakout above $265.13 on the weekly timeframe is required. We should monitor these key levels for the next directional move.

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.