TSLA: The pivot point that must be triggered! for NASDAQ:TSLA by Nathan_Black

Hello traders and investors! Let’s see how Tesla is doing today! Since our last update it did many interesting patterns, so, let’s see what’s going on here.

First, in the daily chart , it seems we have a congestion. The $ 689 is the ceiling, and the $ 621 is the floor. In scenarios like this the 21 ema gets flat, and it is almost useless now (in the daily chart ).

There’s nothing amazing to tell about the volume , as it seems just ok, but the recent movement on TSLA was quite good, as it was a bullish reaction just above its support. This tells me that we are seeking the $ 689 again.

Now, look at the 1h chart:

It seems TSLA is trying to do a bullish structure here. The movement from the support at $ 621 to the $ 664.29 was quite intense, so Tesla is doing a pullback to its 21 ema , or maybe to one of Fibonacci’s Retracements, and this is good.

The last bullish leg can be seen just as a rally, but if TSLA creates a bullish structure by doing a higher high/low, then this will confirm our next target at $ 689.

The pivot point that will confirm our thoughts is the $ 664.29. But if we lose the 61.8% retracement we might retest the $ 621 again, so, be careful!

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Thank you very much!

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