Looking at Tesla on the daily chart I have broken down how I am playing this one for the long and short-term.
So clearly TSLA is looking pretty bearish along with most of the major stocks these days. Today we see price breaking down and setting up to potentially test that very strong support level and low of $700 from a couple of weeks ago.
Since Tesla hit all time highs on November 4th the stock has had a few failed breakout attempts. On one occasion it looked pretty promising to break all time highs only to hit 1200 resistance.
$1000 is a very important psychological price level and on this chart we can see lots of areas of support and then breaking through that level so now 1000 is resistance.
Price also hit some resistance at the 950 level as well.
The plan for the bulls would be for of course 700 to hold and for price to start making higher highs and higher lows. A break back above any whole number is a start, 800 then 900 and then that 950 wall.
Once TSLA is breaking back above 1k I would feel pretty confident for the bulls but until then I see this looking more on the bear side.
So clearly TSLA is looking pretty bearish along with most of the major stocks these days. Today we see price breaking down and setting up to potentially test that very strong support level and low of $700 from a couple of weeks ago.
Since Tesla hit all time highs on November 4th the stock has had a few failed breakout attempts. On one occasion it looked pretty promising to break all time highs only to hit 1200 resistance.
$1000 is a very important psychological price level and on this chart we can see lots of areas of support and then breaking through that level so now 1000 is resistance.
Price also hit some resistance at the 950 level as well.
The plan for the bulls would be for of course 700 to hold and for price to start making higher highs and higher lows. A break back above any whole number is a start, 800 then 900 and then that 950 wall.
Once TSLA is breaking back above 1k I would feel pretty confident for the bulls but until then I see this looking more on the bear side.