TSLA: A complete Multiple Time Frame Analysis!
Hello traders and investors! Today is Friday, so let’s do a complete Multi Time Frame Analysis (MTFA) by looking at the hourly, daily and weekly charts (short, mid and long-term).
Starting with the hourly chart, the $ 493 is a pivot point for Tesla, and if it loses it, we may see some pullback ahead. Therefore, I said to you that this is a point to book profits. Always buy near supports and sell near resistances. If you missed my previous analysis, the link to it is below, as usual.
A pullback to the 21 ema would be acceptable, or even the $ 461.88 (purple line), but we can’t possibly know if Tesla is going to reach there. I think the daily chart is looking more interesting:
Ok, if Tesla loses yesterday’s low, the $ 487.57, it’ll reinforce the idea of a pullback, and the target would be the purple line, but if the momentum is strong enough, I doubt Tesla would hit there.
We also have a Breakaway Gap and the volume is increasing. I find it very hard for Tesla to drop again to the support level around $ 406, because it would mean that Tesla would fill a Breakaway Gap, which is something it never did in the past. After most of the congestions, we have an upside movement triggered by a Breakaway Gap, with good volume. This is how Tesla behaves.
Now, let’s see the weekly chart:
Yes, Tesla is breaking out from a Pennant chart pattern, which is something to keep in mind. The trend is historically bullish, and the congestion we saw in the past months was just a pennant in the weekly chart.
Notice the low volume of this pennant, which is a very technical movement, according to the Dow Theory, 5th tenet: The Volume Must Confirm the Trend. If the correction has low volume, then it is just a harmless correction, not a reversal sign.
Speaking of reversal signs, there is none around. We would have a pullback sign if Tesla loses the $ 493 or yesterday’s low, but nothing that compromises the bull trend.
This is what the chart tells me, and if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates.
Thank you very much.
Have a great weekend!
Starting with the hourly chart, the $ 493 is a pivot point for Tesla, and if it loses it, we may see some pullback ahead. Therefore, I said to you that this is a point to book profits. Always buy near supports and sell near resistances. If you missed my previous analysis, the link to it is below, as usual.
A pullback to the 21 ema would be acceptable, or even the $ 461.88 (purple line), but we can’t possibly know if Tesla is going to reach there. I think the daily chart is looking more interesting:
Ok, if Tesla loses yesterday’s low, the $ 487.57, it’ll reinforce the idea of a pullback, and the target would be the purple line, but if the momentum is strong enough, I doubt Tesla would hit there.
We also have a Breakaway Gap and the volume is increasing. I find it very hard for Tesla to drop again to the support level around $ 406, because it would mean that Tesla would fill a Breakaway Gap, which is something it never did in the past. After most of the congestions, we have an upside movement triggered by a Breakaway Gap, with good volume. This is how Tesla behaves.
Now, let’s see the weekly chart:
Yes, Tesla is breaking out from a Pennant chart pattern, which is something to keep in mind. The trend is historically bullish, and the congestion we saw in the past months was just a pennant in the weekly chart.
Notice the low volume of this pennant, which is a very technical movement, according to the Dow Theory, 5th tenet: The Volume Must Confirm the Trend. If the correction has low volume, then it is just a harmless correction, not a reversal sign.
Speaking of reversal signs, there is none around. We would have a pullback sign if Tesla loses the $ 493 or yesterday’s low, but nothing that compromises the bull trend.
This is what the chart tells me, and if you liked this analysis, please, support it! And follow me to keep in touch with my daily updates.
Thank you very much.
Have a great weekend!
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