TSLA Stock Forecast Weekend Summary Tesla Chart for Technical Analysis

Alright, let’s summarize this week in Tesla. I’ve been gone for a couple of days but I’m back now and today I’m going to do things a little differently. First, I’ll talk about the weekly, then the daily, and finally the monthly. You’ll see why in a moment.

So let’s start with the weekly. It’s been an incredible week, with big news coming out of Tesla. However, the stock price didn’t really move much. If you look at the last weekly bar, we basically got a doji candle. It’s green, which is good, but the week opened at 202 and closed at 197.79. Right now, Tesla in the aftermarket traded as high as 198.26. So it’s basically a week of nothing, even though there were big moves in the market.

Looking at the chart, it can be a bit confusing. There are lines all over the place, but let me break it down for you. We’ve got the Fibonacci from the all-time high to the recent drop. We drew the 38, 50, and 61.8 levels, and we have three downtrend lines. I’m calling them primary, secondary, and tertiary, and each one of these downtrend lines is significant because they all have two touches.

The big fat orange line is a major level of resistance that Tesla is actually fighting. It’s what makes you just go, because the stock just cannot break through it. But the good news is it’s not breaking down. We have great volume dojis, and I do think we will break through eventually. When I zoom out, you can notice that we’re just consolidating right now. Hopefully, this consolidation resolves to the upside, and we break out in the same direction that we were once moving.

Now, let’s take a look at the daily chart. I see a few things here. You might notice a little moving average crossover. You should be selling if you follow that. You’ve also got the stochastic, which is pointing down and split apart. You should be selling as well. Look at the gaps in this thing. The trading action in the last couple of days has just been crazy, filling all these gaps. But here’s a little question: what about this gap right here? And this gap here? Do we fill those gaps? That worries me a bit. If you like the rule of gap fills, we might have to retrace down to fill those gaps before we continue moving upward.

Finally, let’s take a look at the monthly chart. I like it. The stochastics look good, like it’s a buy all day. Also, notice that the volume in the last two months has just been incredible, explosive above the average. We’re consolidating right now, but I think we’re going to make a move soon.

So that’s a summary of this week in Tesla, from my perspective. We’re consolidating, but I think we’ll make a move soon. Keep an eye on those gaps in the daily chart and that big fat orange line in the weekly chart.