• TSLA crashed after earnings, but it seems it wants to stabilize around the 163 support line; • So far, TSLA has been moving with technical precision, as we already discussed this bearish scenario in our previous analysis (link below this post, as usual); • Now, in the daily chart, TSLA just hit its technical support at 163. So far, there’s no bullish reaction indicating that it is doing a bottom sign – but this could change very soon; • If TSLA loses the 163, then it’ll probably try to fill the gap at 146 in sequence.
• In the weekly chart, the situation is critical, as TSLA is on the verge of triggering a Descending Triangle chart pattern downwards; • What’s more, the last two candlesticks hit the 21 ema as a resistance as well. This reinforces our idea that it could hit 146; • In order to avoid this bearish scenario, TSLA would need to react as soon as possible, and trigger an extremely powerful bullish reversal pattern – so far, there’s no such sign; • I’ll keep you guys updated on this, as usual.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
Glad I sold above 200s at the beginning of this month. Didn't like the bottom numbers from all the discounted models. I have the same descending channel and I wouldn't be surprised if it hit 150 soon. Trying to find a new entry point now. Thanks for sharing another good analysis!
Nathan_Black
⋅
@CowabungaDad, You did well! Thanks for the support, my friend! :)
mjstach1
⋅
Hello Nathan...thank you for the updated information...I've been riveted to these charts and analyzing them, as well. I'm thinking traders would want to close that gap(right?) and rally after that...but as you said there is no confirmation that the bulls or bears have taken control and rather that they are testing support/resistance and gong sideways while the market figures out where the value of the stock should be. With a poor earnings report (actually a poor profit margin report), as well...I don't want to get into a trade before / until the numbers have been crunched and we see where a fair market price ends up when trade opens on Monday.
Nathan_Black
⋅
@mjstach1, Exactly! The gap at 146 seems to be a target right now.
elisanascar
⋅
Thank you Nathan. Got my finger in the trigger waiting.
Nathan_Black
⋅
@elisanascar, Thanks for the support! Yep let's patiently wait :)