TSLA Stock Forecast using 1 hr Chart for Technical Analysis
Today we’re talking about Tesla. Tesla is trading around the 212.45 area. It’s been a very aggressive move from the recent low, but considering the market was down 2% last week, Tesla had to swim against the grain and be like a salmon and swim upstream. The market wasn’t in its favor, but Tesla managed to bounce off the low and move up to the 212 area.
Looking at the daily chart, we can see that Tesla was fighting all the resistance. But recently, it’s had a beautiful bounce off the low and another gap up to reach the 212 area. Now, we’re right there on that downtrend resistance line, and I believe we’re going up to the 220 area, which also happens to be a key Fibonacci area of 38.2. Whether we stay there, blow through, and start working our way up to the 50 retracement and the second downtrend line is yet to be determined.
However, when we look at the options, we can see that there’s a lot of open interest on the 220s, with 40,700 open interest, and the 225s with 34,000 open interest, which could validate the idea that we can blow through the upper level of resistance and park ourselves at the 220 area.
When we look at the hourly chart, we can see that Tesla can blow through this resistance line and park itself at the 220 level. I believe we can achieve this by tomorrow, which is when investment day begins. Be sure to position yourself carefully, as we could sell off after the investment day or gap up hard.
If Tesla comes out with the Model 2 car, which is supposed to be super affordable for everyone, I believe this will give us the momentum to hit us up towards 250. However, if we can get through this area, we’re going full steam ahead towards the 235 area and then on our way up to the next secondary downtrend line and the 50 Fibonacci.
Overall, I believe it’s a good day for Tesla. It’s trading at 212 and is currently at its high for the overnight session. We’ll have to wait and see if it can start working its way through this level of resistance towards the 220 area. Thanks for watching this video, and don’t forget to subscribe.