TSLA: Weekly outlook and scenarios to work with.

2 ต.ค. 2020

Hello traders and investors! As today is Friday, let’s do our complete Multi Time Frame Analysis (MTFA) on Tesla! We’ll look at the hourly, daily and weekly chart as usual.

First, Tesla filled the blue gap today, meaning it wasn’t a Breakaway Gap after all, and now it lost all its short-term supports, namely the green/purple lines and the 21 ema (which is now pointing down).

Now, Tesla is just going to seek its supports. It already lost the pink line at $ 411.60 in the post market and it is aiming for the gap at $ 407.32. Now, let’s see the daily chart for more clues:



Tesla did a false breakout from this Triangle chart pattern, as it closed a candlestick outside the pattern, but today it returned to the white area. This is frustrating, and we can’t complain, as the volume was quite low these days, which was a true warning sign.

On the bright side, it is slightly above the 21 ema, but since the candle is quite bearish, I wouldn’t be surprised if Tesla seeks the Triangle’s base next. But right now, it seems the green line in the hourly chart is the border between bull and bear territory.

Let’s see the weekly chart:



Since we just saw a false breakout from a Triangle, it is reasonable to consider the possibility that Tesla could do a pullback in the weekly chart to its previous supports.

The purple line at $ 359 is the first target, and the 21 ema is the second. I find it hard to imagine (at least right now) that Tesla would hit the red line at $ 273, but I’ll leave this point in the chart.

Another real possibility is that Tesla could do a sideways correction and wait for the 21 ema to hit the price. This scenario would make things very complex and boring for Tesla in the mid-term, but we must keep this in mind.

I hope this analysis clarified a few things for you, and please, support it if you liked! Also, follow me to keep in touch with my daily analyses!

I wish you all a great weekend!