• TSLA broke yesterday’s high, which was a Hammer candlestick pattern, and it is trying to react this morning;
• The stock has been correcting since it hit the $214 area, but it is still above its key support levels;
• TSLA could easily climb to the $214 again, but only a true breakout would make it resume the bullish bias again;
• The area around $180s is a triple support level, made by: 1) 21 ema; 2) $187 (previous bottom, trigger point of a Double Top pattern); and 3) $182.50 (previous resistance/support);
• As long as TSLA remains in the area between the resistance at $214 and the triple support area, nothing meaningful will happen, and probably we'll just see erratic movements. This is why it is called Trap Zone.
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• The stock has been correcting since it hit the $214 area, but it is still above its key support levels;
• TSLA could easily climb to the $214 again, but only a true breakout would make it resume the bullish bias again;
• The area around $180s is a triple support level, made by: 1) 21 ema; 2) $187 (previous bottom, trigger point of a Double Top pattern); and 3) $182.50 (previous resistance/support);
• As long as TSLA remains in the area between the resistance at $214 and the triple support area, nothing meaningful will happen, and probably we'll just see erratic movements. This is why it is called Trap Zone.
Remember to follow me to keep in touch with my daily analyses!
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