TSLA is in a very strong decline/down trend. Dec 27 touched the bottom.
It is below the MA (8, 20, 50 and 200) which is bearish .
Volume indicates a strong price capitulation and a likely bottom (temporary or permanent) which is bullish .
RSI is extremely oversold which is bullish .
MACD has a positive tick and is also oversold which is bullish .
This strong bounce was very close to the Island reversal pattern which is bullish .
Assessment: TSLA had a strong fall and price consolidation and its growth to at least FIB 0.382 or 142 and possibly to FIB 0.5 and the upper line of the channel (blue line) is very likely.
Due to such a strong fall and capitulation, subsequent testing of the bottom is likely, which as a rule should be at a lower volume . If it will be on a smaller volume , it is possible that it is a permanent bottom on TSLA . On the other hand, if the volume will rise when testing the bottom, a new lower bottom around the levels of previous years is possible (red dashed line).
It is below the MA (8, 20, 50 and 200) which is bearish .
Volume indicates a strong price capitulation and a likely bottom (temporary or permanent) which is bullish .
RSI is extremely oversold which is bullish .
MACD has a positive tick and is also oversold which is bullish .
This strong bounce was very close to the Island reversal pattern which is bullish .
Assessment: TSLA had a strong fall and price consolidation and its growth to at least FIB 0.382 or 142 and possibly to FIB 0.5 and the upper line of the channel (blue line) is very likely.
Due to such a strong fall and capitulation, subsequent testing of the bottom is likely, which as a rule should be at a lower volume . If it will be on a smaller volume , it is possible that it is a permanent bottom on TSLA . On the other hand, if the volume will rise when testing the bottom, a new lower bottom around the levels of previous years is possible (red dashed line).
Consistency is the key of success....