Tesla Monthly TF (Next Target —110-140)I will not bore you with too many details. I will do an analysis based on the moving averages to support my bias, bearish at this point.
April 2024 tests EMA89 as support and this support level holds. This results in a bullish impulse.
The impulse ends December 2024. On the drop, TSLA founds support at EMA55 monthly. There is bounce at this level and this bounce ends as a lower high.
» When this happens, the next moving average in line gets tested, in this case EMA89 or a minimum of 191 as the next target.
EMA55 monthly sits at 229.88 (230). This level will fail as support, why? Because the test of it in March and April led to a lower high and this lower high will be followed by a lower low.
If TSLA had moved higher than December 2024, then any drop or correction would not go below EMA55. Since the action is ending as a lower high, then the next drop which is already underway will break through this level.
The main level for the current move sits around 110-140 based on the long-term. These levels are close to the lows in January 2023 and December 2022.
Technical analysis can help you predict a move regardless of its cause. Don't believe me? See the 'related publications'.
Thanks a lot for your continued support.
Namaste.
