This is pretty solid setup. Tesla had consildation ascendinf triangle with 165 reistance. We broke out at headed towards 174 which rejexted and headed to retest 16480-165 which the buyers held strong
If we look at this as a backtest of previous reistance as new support it looks pretty bullish. Now if we draw a trend reistance down the whole chart as downtrendinf roetsance. Excluding the 207$ fake breakout rejection back towards 153 we can see we are getting very tight between reistance and most recent support of 165
Tesla has been in a clear downtrend for quite some time making lower highs and lower lows. Howverr if we can start to get support found around 172 this could signal the first bullish move on Tesla. 172 for me is important Becuase if you look at daily candle bodies of the recent move, we haven’t close any candle bodies above 172. We have only ended with wicks above and body settles back below it.
Tesla if we break 174 and hold as support again, although we will see phycological reistance at previous areas such at 180 and 186…. This trend break if it happens could actually setup Tesla for a very large run.
It won’t be an easy ride as most investors are very skeptical and expecting Tesla to head back towards 130$ levels. Howver as long as Tesla remains above 163.80s this could be a very bullish setup.
Looking back on Tesla the last time we made a similar setup was around 125$. Look at what price did after the backtest of the considlation at the low. This is why I went long Tesla at 165 despite the fear in the streets. I will remain to play this long at SUPPORTS not at the high pumps. For now Tesla remains in a range from 164.80-174 until that range breaks we can short the top of the range and long the bottom.
If Tesla breaks and holds 174 as support then this could setup on a new range.
Eyes on 172 to hold…. 174 to break and hold. And 176.40 as the downtrendinf reistance of the overall trend.
Hope this all makes sence, good luck and I hope this plays out as I see it Becuase it can turn out to be a very profitable long.
If we look at this as a backtest of previous reistance as new support it looks pretty bullish. Now if we draw a trend reistance down the whole chart as downtrendinf roetsance. Excluding the 207$ fake breakout rejection back towards 153 we can see we are getting very tight between reistance and most recent support of 165
Tesla has been in a clear downtrend for quite some time making lower highs and lower lows. Howverr if we can start to get support found around 172 this could signal the first bullish move on Tesla. 172 for me is important Becuase if you look at daily candle bodies of the recent move, we haven’t close any candle bodies above 172. We have only ended with wicks above and body settles back below it.
Tesla if we break 174 and hold as support again, although we will see phycological reistance at previous areas such at 180 and 186…. This trend break if it happens could actually setup Tesla for a very large run.
It won’t be an easy ride as most investors are very skeptical and expecting Tesla to head back towards 130$ levels. Howver as long as Tesla remains above 163.80s this could be a very bullish setup.
Looking back on Tesla the last time we made a similar setup was around 125$. Look at what price did after the backtest of the considlation at the low. This is why I went long Tesla at 165 despite the fear in the streets. I will remain to play this long at SUPPORTS not at the high pumps. For now Tesla remains in a range from 164.80-174 until that range breaks we can short the top of the range and long the bottom.
If Tesla breaks and holds 174 as support then this could setup on a new range.
Eyes on 172 to hold…. 174 to break and hold. And 176.40 as the downtrendinf reistance of the overall trend.
Hope this all makes sence, good luck and I hope this plays out as I see it Becuase it can turn out to be a very profitable long.