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TSLA today might be an exhaustion bar

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Cobra
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TSLA today might be an exhaustion bar

Post by Cobra »

TSLA today might be an exhaustion bar. The only problem was the volume wasn't huge enough, so maybe another up day tomorrow then we'll see.
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Re: TSLA today might be an exhaustion bar

Post by Cobra »

Still an hour and half to the close but probably it's safe to say $TSLA indeed was an exhaustion bar yesterday. If huge volume today then maybe still some further pullback, I'll follow up after the close. Overall, I only see short term pullback, the trend is clear up for now.
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Re: TSLA today might be an exhaustion bar

Post by Cobra »

Not much volume today so nothing serious yet.

I noticed another problem though, the interval between big reds got shorter and shorter, so maybe TSLA is losing the up momentum, may need take a breath.
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Re: TSLA today might be an exhaustion bar

Post by Cobra »

So TSLA is taking a breadth. Right now hard to say whether the pullback was done but generally the pullback should be bought somewhere as those have been jealous about those already onboard suddenly find themselves now also possess the chance to be rich... Why chart pattern works? Because it reflects you human fears and greedy clearly.
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Re: TSLA today might be an exhaustion bar

Post by Cobra »

$TSLA, the next obvious target is the weekly EMA20 which looks like some support there as the price consolidated there for awhile. Eventually all stocks on earth would touch weekly EMA20.
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Re: TSLA today might be an exhaustion bar

Post by Cobra »

$TSLA didn't reach the weekly EMA20 as I hoped but the pullback did get bought which reflects perfectly you human's trading behavior. Now let's see whether bears can make a double top here which also is you human's typical trading behavior: Selling near the previous high which is why the previous high usually is the resistance.
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Re: TSLA today might be an exhaustion bar

Post by Cobra »

$TSLA, I see symmetrical triangle which is a continuation pattern so bias is up. The triangle also could mean the breakout of the triangle upside is a last push up, need watch this.
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