A bullish pattern
is forming on the daily chart
, 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).