With earning fast approaching next week, TSLA finds itself at a crossroad.
But was does this mean?
Well, for starters TSLA has been inside a very long ascending wedge pattern, recently touching the very top and being rejected there after making its all-time high. When the rejection occurred TSLA began to consolidate inside a small but well-defined triangle pattern which has not been broken. Using Pivot Points, we can also see that TSLA is holding support at an R2 level which is something I look out for when looking for breakouts. Now does this mean we are going to see a breakout with TSLA? No, not really, but it is another tool that can be useful when analyzing charts and searching for possible clues. With earnings next week, possible triangle breakout, and R2 as support, TSLA could try and make a move up to R3 and retest the top of the ascending wedge. Do I recommend jumping in now and buying TSLA, NOT. AT. ALL. I personally would wait a bit and let the triangle breakout decide which path it wants to take, Green or Red.
But was does this mean?
Well, for starters TSLA has been inside a very long ascending wedge pattern, recently touching the very top and being rejected there after making its all-time high. When the rejection occurred TSLA began to consolidate inside a small but well-defined triangle pattern which has not been broken. Using Pivot Points, we can also see that TSLA is holding support at an R2 level which is something I look out for when looking for breakouts. Now does this mean we are going to see a breakout with TSLA? No, not really, but it is another tool that can be useful when analyzing charts and searching for possible clues. With earnings next week, possible triangle breakout, and R2 as support, TSLA could try and make a move up to R3 and retest the top of the ascending wedge. Do I recommend jumping in now and buying TSLA, NOT. AT. ALL. I personally would wait a bit and let the triangle breakout decide which path it wants to take, Green or Red.
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