As TESLA is currently trading at near its 200 day moving avg and sitting on right at that moving avg. TESLA stock is about to split 3-1 split on Aug 24. Based on chart analysis, TESLA is making some interesting patterns based on 4 Hour chart and weekly time frame chart.
TESLA – Outlook for next few months
Let’s see 15 mins chart for day trading on Aug 19th.
It’s making falling wedge pattern on 15 mins chart. If it breaks upside on 911 level then it can easily run up to 918, 923, 929. Similarly, on breaking downside below 906 it can quickly test 900 support n 895 level next.
“Let’s take a look 4 Hour chart – it’s showing “channel up” pattern – its trading in channel. If it makes move upside then $TSLA can run higher – $940 cross then $975 or higher by next Friday.
If it breaks the channel – below $900 then it will be bearish near term. $875 and then $850-$840 possible.
“Weekly chart of $TSLA – The chart is making Channel down (Bullish) if break upside channel – $920 level. If $TSLA breaks that upper level of $940 then stock can RIP higher towards $1150 range by Oct-Nov timeframe.
If fail to break upside then stays in channel n trade within that channel. (Bearish) If market do serious correction due to recession fear then it can go n touch lower bound range of $500. It’s extremely unlikely but nothing is impossible in stock market so always put your stop loss with market direction.
