Update!: TSLA has broken up from a strong resistance line, I'm awaiting confirmation before opening a long position, my TP would be ~$750 as that begins our major resistance
TSLA has been consolidating since our explosive run early this year, I believe a breakout to the upside is imminent for the following reasons:
The bottom green parallel channel represents our major support and buyer interest zone, while our upper red channel shows our major resistance zone , one which I believe we will bounce off of after a breakout, before finding support around $720, and continuing upward.
Best wishes, Good luck.
Comment your ideas!
TSLA has been consolidating since our explosive run early this year, I believe a breakout to the upside is imminent for the following reasons:
- We're riding a support line that has held up since the March '20 COVID-19 crash
- Bulls have gained control over the 50 MA, which is providing reinforcing support to the major support mentioned prior
- We had a major Symmetrical Triangle pattern breakout to the upside early August, showing bullish strength
- Finally, on a more technical view, RSI is showing a comfortable position while we dance against the upper side of our resistance. As well as MACD is turning over to a bullish momentum.
The bottom green parallel channel represents our major support and buyer interest zone, while our upper red channel shows our major resistance zone , one which I believe we will bounce off of after a breakout, before finding support around $720, and continuing upward.
Best wishes, Good luck.
Comment your ideas!