TSLA Chart Reading - Plan01 Introduction 01.01

Howdy Traders!

This idea is more of an informational piece as opposed to an idea representing a strong trend headed in a certain direction.

Recently, we saw a strong bullish trend for $NASDAQ:TSLA. Many are wondering to what point this is all headed towards, and at what point the reversal will begin. The hopes of this post is to address this question.

When looking at a daily time frame, a trend-line can be drawn connecting all of the high points TSLA created over the long span of time (last few years). In this chart I posted, it is represented as the blue trend-line (currently sitting at around the $290.50 levels). TSLA is now approaching this level closer and closer day to day, and chances are that TSLA will reject this resistance the same way it has in the past 3 separate occasions. TSLA has two scenarios once it hits this level.

Scenario #1 (Bearish):
It hits this level, does not break through, and the price heads downwards to no certain price level.

Scenario #2 (Bullish):
TSLA breaks the price level of $290.5, and will most likely come back down to retest this level. This first obstacle will be to break through the $314 level. If the bullish trend remains strong, TSLA will have a really high probability in creating a new all-time-high of $415.19.

I will call this plan "Plan01", and will keep everyone updated on how it goes over time. If TSLA does not break the $290.50 level, then this plan won't work. However, if it does, then Plan01 is in motion.

Bona Fortuna! (Good Luck)

Comment:

Howdy Traders!

After a short-term small downfall, TSLA is now returning back to the important blue resistance level. Plan01 is currently still valid with one change, the golden line should now be lowered to match the blue resistance level.

Very Important Information To Know:
1) On July 19th, 2023, TSLA is expected to release the earnings report after-market.
2) TSLA is approaching a large resistance marked on the graph as the blue line.

The Current Prediction:

Given the two important pieces of information, the first being the large resistance TSLA will face, and the second being the earnings report, the prediction follows. Sometime late next week, TSLA will most likely approach and touch the blue resistance. However, the important part is the earnings report which will in the end dictate the direction in which TSLA will go. The two directions are covered in the description right above this comment (it covers the bullish and bearish scenarios).

Bona Fortuna!

Comment:

UPDATE:
TSLA has officially broken through the top major resistance (blue).

As of now, in order to truly confirm this break-out, a retest will be need on the resistance. If TSLA comes down on the blue line and bounces upwards, then that is a good confirmation to possibly enter the trade. The next important thing is the earnings report.