TESLA INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 204.00 |
| Take Profit | 170.00 |
| Stop Loss | 210.00 |
| Key Levels | 170.00, 200.00, 207.00, 210.00, 225.00, 246.00, 270.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 216.00 |
| Take Profit | 246.00 |
| Stop Loss | 210.00 |
| Key Levels | 170.00, 200.00, 207.00, 210.00, 225.00, 246.00, 270.00 |
Shares of Tesla Inc., a leading manufacturer of electric cars, are trading at 207.00.
On the daily chart, the price is moving within the corrective trend, the peak of which is the year’s high of 270.00.
On the four-hour chart, the quotes are reversing, working out the price gap of 246.00–225.00. This dynamic can transform into a Flag pattern but for now, downward pressure remains, and the asset is trying to renew the low of 200.00.
Technical indicators have almost given a sell signal: fast EMA on the Alligator indicator are approaching the signal line, preparing to cross it downwards, and the AO histogram is falling in the buy zone, forming downwards bars.
Trading tips
Short positions may be opened after the price declines and consolidates below 204.00, with the target at 170.00. Stop loss is 210.00. Implementation period: 7 days or more.
Long positions may be opened after the price grows and consolidates above 216.00, with the target at 246.00. Stop loss is 210.00.
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