TSLA: Road to the All Time High.
Hello traders and investors! Let’s see how Tesla is doing today!
Ok, so Tesla was added to the S&P 500, and this is giving fuel to the stock right now. In my previous analysis, we discussed Bullish Engulfing, which was our last entry point on Tesla. Now it is too late to buy, but we could see an opportunity here if Tesla does a pullback. And if you missed my previous analysis, the link is below, as usual.
For now, since we are trading around $ 490, I see that a pullback to the $ 462 again would be good and would offer some interesting opportunities for the late buyers. But for now, it seems Tesla is going to hit the ATH!
Now, let’s see the daily chart:
We have a Breakaway Gap here, which could be the start of a new bullish run on Tesla, and this seems to be a recurring movement, as every time Tesla does an accumulation, it triggers a new bull trend after a Breakaway Gap. We saw this movement on Oct last year, then on 1st Jun, Jul 2 and Aug 12.
Most of these movements are followed by an increase in volume, which is happening right now too. It is not the same volume seen a few months ago, but it is a start. We are very close to the ATH, and maybe it'll offer some resistnce in the short-term, but we can't count too much on that.
Now let’s see the weekly chart:
Tesla did a Pennant chart pattern here, and as crazy as it sounds, it is breaking out from it this week. The volume decreased during the movement on the Pennant, which is normal and expected, according to the Dow Theory (the volume must confirm the trend).
Now it is too late to buy, as the entry point was the Bullish Engulfing in the hourly chart, but I would wait for a pullback here, ideally around the $ 460 zone. This way you’ll increase the R/R ratio of your trade.
Either, this movement seems to be the start of a new upside movement, and Tesla will be very interesting from now on. And if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates.
Thank you very much.
Ok, so Tesla was added to the S&P 500, and this is giving fuel to the stock right now. In my previous analysis, we discussed Bullish Engulfing, which was our last entry point on Tesla. Now it is too late to buy, but we could see an opportunity here if Tesla does a pullback. And if you missed my previous analysis, the link is below, as usual.
For now, since we are trading around $ 490, I see that a pullback to the $ 462 again would be good and would offer some interesting opportunities for the late buyers. But for now, it seems Tesla is going to hit the ATH!
Now, let’s see the daily chart:
We have a Breakaway Gap here, which could be the start of a new bullish run on Tesla, and this seems to be a recurring movement, as every time Tesla does an accumulation, it triggers a new bull trend after a Breakaway Gap. We saw this movement on Oct last year, then on 1st Jun, Jul 2 and Aug 12.
Most of these movements are followed by an increase in volume, which is happening right now too. It is not the same volume seen a few months ago, but it is a start. We are very close to the ATH, and maybe it'll offer some resistnce in the short-term, but we can't count too much on that.
Now let’s see the weekly chart:
Tesla did a Pennant chart pattern here, and as crazy as it sounds, it is breaking out from it this week. The volume decreased during the movement on the Pennant, which is normal and expected, according to the Dow Theory (the volume must confirm the trend).
Now it is too late to buy, as the entry point was the Bullish Engulfing in the hourly chart, but I would wait for a pullback here, ideally around the $ 460 zone. This way you’ll increase the R/R ratio of your trade.
Either, this movement seems to be the start of a new upside movement, and Tesla will be very interesting from now on. And if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates.
Thank you very much.
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