TSLA Weekly Analysis - failed failure
TSLA
So far this week is a failed failure - the buy setup for a failed bear breakout last week has failed. The bears have created a small gap from last weeks close around $236. Although this gap will likely be filled as all recent bear gaps have been in the most recent bear leg. This is common when prices are in a trading range.
The bulls will want to form a second entry for the failed breakout this week, and keep the bull gaps from $200 open. However the bulls may temporarily give up, resulting in a quick test down to the previous swing low around $180. If the $180 low does not hold, the bears will likely get a test of the start of the bull channel around $150 and prices will form a larger trading range.
Both sides are currently fighting for follow through, leading to confusion and trading range behavior. This will likely continue over the next 20 weeks or more as neither side is likely to hold control for very long.
So far this week is a failed failure - the buy setup for a failed bear breakout last week has failed. The bears have created a small gap from last weeks close around $236. Although this gap will likely be filled as all recent bear gaps have been in the most recent bear leg. This is common when prices are in a trading range.
The bulls will want to form a second entry for the failed breakout this week, and keep the bull gaps from $200 open. However the bulls may temporarily give up, resulting in a quick test down to the previous swing low around $180. If the $180 low does not hold, the bears will likely get a test of the start of the bull channel around $150 and prices will form a larger trading range.
Both sides are currently fighting for follow through, leading to confusion and trading range behavior. This will likely continue over the next 20 weeks or more as neither side is likely to hold control for very long.
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