Hello traders and investors! Let’s see how Tesla is doing today!
First, in the 1h chart, it is behaving as we thought it would in our last study. The support level around the $ 708 worked until a certain point, but now Tesla lost it. So, what’s next for it?
It seems the $ 693 is another support level to work with, and if lost, hardly Tesla would hold itself before the $ 667 - $ 668 area. If the Nasdaq Index corrects a little bit more in the daily chart, then this scenario would be easily materialized.
However, if the $ 693 holds the price, we might see something good in the next few days. Let’s see the daily chart for a better perspective:
The trend is clearly bullish, as we have higher highs/lows, and the situation favors the bulls. Tesla is in a buy zone right now, as it is near some support levels, but we have yet to see a bullish reaction to confirm our thoughts, along with an increase in volume.
In the worst-case scenario, Tesla would hit the $ 667. Then we’ll need to see if it’ll react or not. Since we are in a bull trend, the odds are that Tesla will do a bullish reaction.
Even in the worst-case scenario, Tesla would remain bullish, and it could offer a brilliant buy opportunity. But regardless of how Tesla will behave from now on, the $ 821 is the next target to work with in the mid-term.
If you liked this analysis, remember to follow me to keep in touch with my daily studies, and please, support this idea if it helped!
great call as usual @Nathan_Black! what's your read currently?
ywmx
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@duxburja yes very good calls thanks for your ideas nathan
wallstreetsgaybear
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wow nathan. just wow.
Nathan_Black
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@wallstreetsgaybear, So far, the movements are quite technical. Let's see how Tesla will play next.
I appreciate your support, Bear! Always nice to see you around here ;)
wallstreetsgaybear
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@Nathan_Black, i just wish i saw your post before so that i would sell my stupid shares when it broke 693 and buy some fricking puts. about to get margin called hahahaha. im jk... actually not really but anyways i appreciate your response Nathan. and your work. I now have notifications on. see you on the next post.
Danzalew
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Thanks and I agree with your TA. Considering the last few days I'm already aiming for the 'buy' button. That opportunity to gap up fill into $733 looks really sexy! :)
Nathan_Black
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@Danzalew, I believe it'll fill there, and the 667 is a nice place for a reaction. Let's see how it'll play now.
Thank you for your support, Dan!
Trambi
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Great work Nathan,lets hope it holds 693.
Best wishes my friend
Nathan_Black
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@Trambi, Thanks, Trambi! Well, since the bias is still bullish, it is not the end of world for TSLA. In fact, this drop could be an opportunity.
Best wishes to you too, mate!
B20Bravo
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I have 2 weekly bull credit spreads on TSLA:
$655/652.5p and $650/647.5p
I don't expect it to drop more than $50-70 in a week (given we already went through major event such as ER) but just to be extra safe my strike prices are very conservative.
Minor play, low risk/low reward. Good analysis as always!