Now that the Tesla bears have successfully taken down the stock’s 1-year old external low/support, price can go sideways in days to come.

To end my Finlogix analysis this Wednesday, I’m updating a new one for the Tesla stock.

My short swing trade has finally exited in profit targeting April 2023 lows as I have foreseen!

https://www.finlogix.com/analysis/20240314/tesla-intraday-analysis-and-trading-plan-for-march-14-2024

The stock market is subject to moderate to heavy volatility with 4 remaining American major economic data to be released on Thursday and Friday respectively.

Re-assessing Tesla’s high timeframe candles:

Yearly Candle: Last check is an Imperfect Red Marubozu now a Red Body with a Longer Tail Wick

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick current is also a Red Body with a Slightly Longer Tail Wick

Weekly Candle: Previous close is a Red Body current is a Green Body with a Longer Head Wick

Daily Candle: Both the previous close and current are Green Spinning Top

The total bearishness from yearly down to the daily candles’ analysis in my previous article might temporarily ease down as the stock's price is trading below its 1 year old support!

Who knows we might see some consolidation in this new lower range soon.

Tesla as a stock company continues to weaken fundamentally but new investors can be attracted to buy in.

I like the current swing low structure, the fall since July 2023 looks complete!

However if the current weekly candle closes above the 150 next week, it can be a good sign for a price recovery.

Still not out of the bear woods just yet.

However, if price has found bottom already from the stock’s 1 year support, then the next resistance levels should be 150-160 range.

I’m going to set a long position at the current 4H candle’s pullback with a stop loss below intraweek’s low while targeting the 160 level.

There can be further price falling but I have already set a safe stop loss.

If bottom is in for the Tesla this year, then this buy position can be rewarding in the long run!

May is fast approaching and a confirmed double monthly bottom can commence a price recovery.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

Tesla Intraday Analysis and Trading Plan For April 24, 2024

Apr 24 2024

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