Hello Traders,
I am looking at Tesla just from a TA chart perspective here.
As you can see price is inside a broadening ascending wedge. Price was caught by the monthly 100 MA at the bottom of my wave 4. I am expecting resistance in the area marked with a possible fake out / throw over.
The bearish divergence on the monthly RSI doesn't look great.
I am looking at Tesla just from a TA chart perspective here.
As you can see price is inside a broadening ascending wedge. Price was caught by the monthly 100 MA at the bottom of my wave 4. I am expecting resistance in the area marked with a possible fake out / throw over.
The bearish divergence on the monthly RSI doesn't look great.
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The Monthly chart.
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Price is overbought on the weekly RSI and has been rejected on that trend line just under a psychological level of 500. Bearish divergence is visible on the monthly RSI. This seems like an obvious place for profit taking.
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This move was a bit steeper then i thought it would be but targets hit. Bear div on daily, overbought on weekly.
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TESLA is going a bit nuts here. Its passed my targets by quite a bit. Here is the weekly view. Its definitely overbought but no bear div yet though. The last pullback when the RIS was this high on the weekly with bear div resulted in a 40% drop in 7 days. Very volatile.
