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Chart Talks: What's your TSLA price target for the week?
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Tesla Price Predictions

Troubled Waters Ahead
Some major selling took place last week in the markets. The selling was especially pronounced with Tesla as its share price has fallen over 12% in the past 6 trading days.
From a technical standpoint, it looks like there will be more downside in the near future. But I wouldn't be surprised if we see a small rebound in price, or at least a consolidation period, before the selling continues.
Tesla Price Predictions
Is the Rally Over?
TSLA has been in a strong uptrend throughout this whole year. When you look at the medium-term trend, you can see that the price is near a major inflection point.
In the charts directly below, you can see two interrations of the current uptrend using weekly candles. In both cases, the price is near the support of the trend.
If the price continues to fall and dips well below support, then this would signify that the trend is changing.
Tesla Price Predictions
If there is a change in the trend, then the trend you see in the chart directly below would be the next potential trend to keep an eye out for.
Of course, this is just a theoretical trend that would only be confirmed if the price rebounds off of the theoretical support.
Tesla Price Predictions
Short-Term Bearishness
When you look at the short-term picture, it is an apparent downtrend. It almost looked like TSLA was breaking out to the upside. It was a false breakout. Lower highs have been confirmed in the technicals.
After the major selloff last week, it appears that the price will return to the downward consolidation it has been in since making 52-week highs.
Sometimes, the trend can expand or morph into a slightly different channel. This might not be the case in this instance, but it could pay off to keep this in mind. I have highlighted the possible new expanded trend in the chart below.
Tesla Price Predictions
The oscillating indicators are turning over and moving into bearish territory. This could imply more selling in the near term.
Tesla Price Predictions
When WIll it Rebound?
Technically speaking, things are looking bearish at the moment. I think there will be more selling very soon. So the next question is, where will the price rebound?
Directly below, I have highlighted the nearest Fib levels where some possible support could be found. Personally, I think there will be more downside in the current correction. But these Fib levels could make good areas for entries and exits during daytrading.
Tesla Price Predictions
The horizontal trend lines in the chart below are the main areas I am watching for potential support. The lower Fib levels are very strong support levels to watch.
The medium-term trend is implying even more downside than these trend lines are showing. But there are a lot of levels that could slow the descent so the selling could last a while if this downtrend holds.
Tesla Price Predictions
I think there is at least one more leg to the upside in this medium-term rally. But I think there will be more selling in the near term.
I will be following the short-term trend in the assumption that the price will approach support once more. So until something shows me otherwise, like a positive technical development or catalyst, then I will remain bearish in the short term.
Do you think TSLA will make lower lows than the trough printed last month?
As always, this is not investment advice. Good luck trading. Be careful and be patient. Dont anticipate the market. Rather, participate in the market. Give your investments time. Don't be greedy. Don't invest in anything you don't understand. Don't put all of your eggs in one basket. Don't listen to the hype. Don't fomo or panic into or out of trades. Do your own due diligence. And just follow the trends. A trend is your friend.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
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