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Tesla Prediction

ByNate Katifa
Published 11/08/2020, 12:04
Updated 09/07/2023, 11:32
TSLA
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With Tesla seeing a rapid 400% ascent from March to July this year, has the steam finally run out or is price setting itself up for the next assault on levels of resistance?

In March, price found a base at the 200 simple moving average , using this zone as support. The 200sma cushioned the fall in price which saw a drop of 61% during the global pandemic. From that point, price built up plenty of momentum then moved above the 20sma and went on to use it as support.

When price uses the 20sma as support, it is a strong sign of a linear trend and these are the types of trends that we want to ride because it can result in fast and easy profits as we gain the opportunity to compound and maximise on potential profits.

Price has now formed an area of consolidation after the impulsive move. This consolidation may just be a period where price will rest before continuing the trend or we may start to see a bearish trend forming.

Price has now moved back below the 20sma but this is nothing to worry about as the bias is still bullish as price remains above the 200sma.

With a trend continuation, we may see price move up towards the $2000 round number but only time will tell what will happen next.

If $2000 is broken then the sky is the limit for Tesla.TSLA 1D

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