[EN] Tesla. Medium-term bearish signal // GaliortiTrading

2023年10月19日

On the 1-month chart TSLA has lost its 10-session average, a chart widely followed by large traders, which may condition a bearish momentum in the medium term.

https://www.tradingview.com/x/mpnWa6cd/
1 Month

Since November 2021 the price has been immersed in a counter-trend bearish channel with a final target at the floor of the long-term bullish channel ($100). Before that, it will have to previously exceed the medium-term bullish guideline (June 2019) in the vicinity of $175.

https://www.tradingview.com/x/lXJRj2hM/
1 W

In the short term, prices present a series of supports that will initially stop the falls. The important liquidity zone between $200-220 and the 200-session average ($196) will help to contain the falls and will probably enter a sideways phase that will last a few weeks. It will then most likely attack the June 2019 bullish trendline.

https://www.tradingview.com/x/6aVlFxNi/
1 D

In June of this year there was a bearish gap ($280 to $290) not yet covered that will act as a strong resistance in the future. A new bearish gap has been experienced during the day which has determined the loss of the 200 session average.

https://www.tradingview.com/x/J6FqtAQ0/
4 h

In the very short term the bullish gap from mid-August will contain the price decline. The large liquidity zone in which the price is starting to enter and the large oversold conditions will push prices to perform a pullback on its lost 200-session average. Even in this situation, the bearish gap may not be completely covered. This would open an important medium-term bearish trading window with stop loss above the gap and a first target at the uptrend line ($175) and a second target at the floor of the long-term channel ($100).

We must be very attentive to if the value fails to overcome the 200-session average on 4-hour charts. If it performs the pull-back and fails to restructure above it, it would trigger our bearish trade.

Pablo G.