There is a lot to like in the charts technically right now. Price bounced off of the 207 support with volume. This passes my test of "its not going down anymore". Golden cross. MACD crossing over to accumulation.
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TSLA Technical Analysis
- Thread starter Robert.Boston
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- elon is an ass TSLA
Indeed that is what it appears to be the unfolding situation. For confirmation the price needs to first get above the 240 level of the left shoulder, and then the 270 level of the right shoulder. Trading volume needs to heighten as those levels are surpassed. This pattern is illustrated in pages 75-77 of my book.
Al, I also do not solely rely on technical analysis. McGraw-Hill asked me to write a primer on technical analysis, so the resulting book focused only on that. Nevertheless, I have found technical analysis to have often been helpful for finding entry and exit points, and for knowing when to stick with trends. Don't forget that price patterns must be considered in association with trading volume.
Chart wizards,
Anything interesting in the charts? Any hope of completing the inverse head-and-shoulder pattern?
From what I see, traders on both side have suddenly lost interest in TSLA. Volume is surprisingly low for the last few days, about half the normal volume. Shareholder Meet event yesterday didn't sway.
Long term investors and long term shorts (?) could just be undecided as well. What can break this impasse? In which direction?
Anything interesting in the charts? Any hope of completing the inverse head-and-shoulder pattern?
From what I see, traders on both side have suddenly lost interest in TSLA. Volume is surprisingly low for the last few days, about half the normal volume. Shareholder Meet event yesterday didn't sway.
Long term investors and long term shorts (?) could just be undecided as well. What can break this impasse? In which direction?
Err.. First of all, I don't quite think I'm seeing a revers head and shoulder pattern to begin with. The neckline, if there is one, is too sloppy. Same goes for the two shoulders.
Other stuff, we're going around 200MA, above it a few days and went below today. The monthly bar for May is a hammer which might signal reversal to upside, but the volume is quite unconvincing so I won't put too much weight on it.
Volume is down simply because it's memorial day week. None of the institutions trade much in short weeks.
The Tesla share price found resistance since May 20 near its 200-day simple moving average. Today that moving average is at $221.38, and the share price moved convincingly above with heavy trading volume. It is now approaching its 50-day simple moving average at $232.32. Surpassing that would likely indicate a clear breakout.
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MitchJi
Trying to learn kindness, patience & forgiveness
According to Thinkorswim the TSLA 50-day simple moving average at the end of regular trading today was at $232.34, which is exactly the same as what they post as today’s regular session closing price. The $232.32 SMA that I posted earlier was what Thinkorswim was indicating at that time intraday.
In any event, the two-cent difference is immaterial. Not that it matters much, but TSLA is currently up a bit in after hours trading. What may matter far more is the move in the share price at the opening tomorrow.
I am a Tesla bull, but the flip side to unfortunate stories like this is the GS upgrade on same day as the secondary offering. That definitely raised a few eye-brows.
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