SAMT Blog
TESLA on a major support - rebound or breakout?
15. August 2023, by James Touati
Technical Analysis, Wolfe Waves
Yesterday, TESLA announced lower prices for its electric cars in China (Model Y).
From July 19th, 2023, TESLA has fallen, forming a GAP around 291 USD which remains an achievable short-term target.
However, the stock has broken its 50-day exponential moving average (pink line).
A gap near 234.60 has been filled (indigo horizontal line). Let's take a closer look at TESLA's daily chart:
As you can see, we are on a major support zone which once broken could bring the action down to the following levels:
TP1: reached already.
TP2: 225.12 (38.2% Fibonacci).
TP3: 202.08 (50% Fibonacci).
However, a rebound remains possible. And in this case investors may be looking to close the GAP around 291.
Then stay safe and good trades.
For more details, you can contact me here by email, or on the following networks:
LinkedIn: http://linkedin.com/in/james-d-touati-941a8ba6
Tradingview: https://fr.tradingview.com/u/james-samt/
About the author
James D. Touati aka. The Wolf of Zurich is a French trader specializing in futures and CFD trading, a technical analyst and stock market trainer. In a pursuit of earning a living from trading, he has developed a profitable trading method successfully, consisting of a mix of tick data, Ichimoku, Fibonacci retracements, levels and Wolfe Waves.
credits: The Wolfe Wave pattern was originally developped by Bill Wolfe from New York. More information on his website.
James does not only speak 5 languages fluently (French, English, Russian, Spanish, Arabic), but with his solid industrial experience (former CEO JB aviation (Hong Kong), former Chairman M9 global group (link PETRONAS), former Partner CHINESE BUSINESS CLUB (Paris) he is a proven global entrepreneur as well.
Furthermore he has got a background as an intermediation and interconnection specialist for the oil&gas and the aviation industry in the Middle East and East countries.
Disclaimer: All methods, techniques, charts, analysis or results presented in this SAMT Blog are for educational purposes only. The information provided should not be construed in any way as a recommendation to buy or sell any financial instrument. You should always consult with your licensed financial advisor and tax advisor to determine the suitability of any investment to your particular financial situation. The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity. SAMT and its affiliates, directors or agents will not be held liable or responsible for your investment decisions.
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