Tesla, as of recently has been in a steep, steep downtrend but found footing earlier in the week at about $166 where a hammer candle formed on the weekly.
We most likely see a small continuation of this reversal until we reach the resistance of the current downtrend marked in white. However, if Tesla manages to break above and retest its current downtrend's resistance, we can see Tesla soar to the resistance of the overarching downtrend marked in red, as is possible with the type of ranging Tesla does.
In my opinion, the lesser likely scenario is that Tesla hits resistance within the next six trading days, and rejects hard, sending it all the way down to the $130-$140s range where strong support is marked by the green ray.
Looking to long Tesla for a quick swing, and if possible, roll into the break above the current downtrend to test resistance on the larger, overarching downtrend in the ~$250s.
We most likely see a small continuation of this reversal until we reach the resistance of the current downtrend marked in white. However, if Tesla manages to break above and retest its current downtrend's resistance, we can see Tesla soar to the resistance of the overarching downtrend marked in red, as is possible with the type of ranging Tesla does.
In my opinion, the lesser likely scenario is that Tesla hits resistance within the next six trading days, and rejects hard, sending it all the way down to the $130-$140s range where strong support is marked by the green ray.
Looking to long Tesla for a quick swing, and if possible, roll into the break above the current downtrend to test resistance on the larger, overarching downtrend in the ~$250s.