What candle interval. Are you seeing this on a daily chart? Just trying to understand. Drawings can help.
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TSLA Technical Analysis
- Thread starter Robert.Boston
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- elon is an ass TSLA
Both on the daily and weekly candlestick intervals. Unfortunately I don't have any software (experience) in drawing lines, but I'm sure someone else can see the flag pattern and draw those lines.
With almost $1900 in premarket TSLA well on its way to my goal of $2200 (well, the TA goal that is). At this speed we might get there within a week. But I guess we need the actual stock split plus S&P 500 inclusion announcement to reach that level. Or a good squeeze ofcourse.
ev-enthusiast
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ev-enthusiast
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Not exactly TSLA, but TSLA (and many tech-ey type stocks) followed suit: This morning was a classic example of a combination of a support zone and a floor trader pivot on the NQ and, as many folks know, stocks often follow major indices as much as they do their own technical indicators so its a good idea to not just make a technical analysis based on a particular stock.
In the screenshot below, that low 60 candle from yesterday created a likely zone to which price would return and bounce (price target represented by the horizontal purple line, on the close of that 60 candle). Floor trader pivot points also represent...uhh...potential pivot points, and we can see that price indeed turned on the S1 pivot (the lower of the two horizontal blue dotted lines). The play here would be to wait for price to drop into the zone, pivot on the FTP confirming a reversal, and then position entry would have been as price rose back above the purple line ($12200).
I wasn't watching because I don't have time to day trade futures these days (so its easy for me to Monday quarterback this one) but the above scenario represents a ~$6k/contract profit on a 30 min trade. Not bad.
Edit: Stop loss would have been just below the S1 pivot, representing about $600/contract.
Compare TSLA and you'll find a lack of technical indicators signaling a reversal.
In the screenshot below, that low 60 candle from yesterday created a likely zone to which price would return and bounce (price target represented by the horizontal purple line, on the close of that 60 candle). Floor trader pivot points also represent...uhh...potential pivot points, and we can see that price indeed turned on the S1 pivot (the lower of the two horizontal blue dotted lines). The play here would be to wait for price to drop into the zone, pivot on the FTP confirming a reversal, and then position entry would have been as price rose back above the purple line ($12200).
I wasn't watching because I don't have time to day trade futures these days (so its easy for me to Monday quarterback this one) but the above scenario represents a ~$6k/contract profit on a 30 min trade. Not bad.
Edit: Stop loss would have been just below the S1 pivot, representing about $600/contract.
Compare TSLA and you'll find a lack of technical indicators signaling a reversal.
A typical Fibonacci retracement would be to 61.8% of an all-time high. For Tesla that would be down to about $310. That has been reached in after-hours trading. It might mark an important bottom, as the after-hours price is now rising. But after-hours can be flaky. Let’s see if the potential bottom holds tomorrow. If it does, that could be quite encouraging.
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In case may calculation wasn't clear to anyone, $310 is 61.8% of the Tesla all-time intra-day high of $502, i.e. a drop of 38.2%.
Technical analyst Tim Ord was a regular guest of mine on my old TV show. Below is what he wrote shortly after the market close today regarding his latest opinion changes for the S&P 500 (SPX).
For monitoring purposes: Long SPX on 9/10/20 at 3338.95.
Long term trend SPX monitoring purposes: covered short SPX on 9/10/20 at 3338.95=18.4 loss; short 5/13/20 at 2820.00.
All the Best,
Tim Ord
Ord Oracle - Home
For monitoring purposes: Long SPX on 9/10/20 at 3338.95.
Long term trend SPX monitoring purposes: covered short SPX on 9/10/20 at 3338.95=18.4 loss; short 5/13/20 at 2820.00.
All the Best,
Tim Ord
Ord Oracle - Home
Does after hour trading (when we reached 310) count in the world of technical analysis? AH prices do not show up in the official charts which are used for technical analysis, so I’m afraid not.
I agree that after-hours trading should not be considered of great importance for technical analysis. The point was that that level proved supportive. It was only during one minute of after-hours trading that that level was slightly punctured. As you may be suggesting, more importantly that level was never reached during regular trading, and the price has moved upward ever since approaching that level. That may be considered a positive technical signal. Thanks for seeking clarification.
It was their technical analyst Craig Johnson whose recommendation inspired me in early 2013 to purchase my first TSLA shares at $38 ($7.60 post-split) each.
Craig was a regular guest of mine on my old TV show. Below is what he wrote about TSLA in his newsletter this morning:
Tesla Inc (TSLA - $423.43); Recent pullback has confirmed support off an emerging uptrend/support near $330; back above the 10-/30-week WMAs; RS has climbed to multi-year highs and notable TechniGrade ranking; add to positions, a retest of the ‘20 highs near $500 appears likely.
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Craig Johnson is a managing director and technical strategist at Piper Sandler (formerly Piper Jaffray). He was a regular guest of mine on my old TV show, and still sends me his newsletters. In early 2003 he recommended TSLA, which led to my first purchase at $38 ($7.60 post-split).
Craig’s colleague Alexander Potter has a BUY rating on TSLA with a price target of $515.
Below is what Craig wrote this morning:
TSLA—Major trend remains higher; recent pullback has confirmed support off an emerging uptrend/rising 10-week WMA; consistent RS outperformer and notable TechniGrade ranking; add to positions, the next level of resistance comes into play near $500.
Craig’s colleague Alexander Potter has a BUY rating on TSLA with a price target of $515.
Below is what Craig wrote this morning:
TSLA—Major trend remains higher; recent pullback has confirmed support off an emerging uptrend/rising 10-week WMA; consistent RS outperformer and notable TechniGrade ranking; add to positions, the next level of resistance comes into play near $500.
TSLA's 50-Day Simple Moving Average (yellow line in chart) has been supportive for quite a while. Let's see if that continues amid the current drop. If so, that could be a bullish technical signal.
Interesting observation, but if you are referring to the tops of September 1 & 21, they appear too far apart in price to be lumped together as a double top or head.
Meanwhile, TSLA's 50-day SMA (Simple Moving Average) has been supportive for quite some time. Intra-day today TSLA slipped under. but closed nicely above. That's encouraging. The close is what's important in technical analysis; intraday and outside regular hours can be seen as just noise.
I see a pennant forming over the last month and a half. Higher lows and lower highs converging to a point where one direction has to prevail. If I'm not mistaken, technical wisdom (and my observation) is the direction of the macro trend tends to win out. Since TSLA has been on the macdaddy of all trends this year, I expect another breakout to the upside very soon.
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