michaeldobfx

Tesla - Bullish Consolidating Triangle/Pennant on Daily

NASDAQ:TSLA   TESLA INC
A bullish pattern is forming on the daily chart for Tesla , which is known to be a consolidating triangle/ pennant . As we all know, TA is all about the price patterns repeating themselves. This can be a clear example of that. As you can see on the left, in 2020 we saw a clear consolidating triangle forming around $400-$500 range, and soon after, it broke out above towards $800+. Now, a similar pattern is forming, suggesting a move to the upside. The only problem is, pennants can also go the other way, so there is a slight chance that Tesla may drop. Additionally, we must be wary of the bear flag that is also forming on the 4-hour chart. A break below could see fresh lows. So it is worth to wait and see as there are a lot conflicting indicators at the moment. Long term, the chart looks bullish but on the other side, the bear flag (see other post) is immensely concerning.

Note: Not financial advice. I bring the evidence, you be the judge and jury (always do your own DD).

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out