Tesla Stock Trading Observations
Tesla fell about 6.7% this particular month while the market is to recover as it might close with a buying tail.
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The previous month’s low has been taken out while the bullish trend is still in place. Fair value price is around $789 which makes the stock possible to retrace/pullback in order to find new core buyers. The stock was pressured by the semiconductor shortage.
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The daily of TSLA closed up by about 5.7% on Friday while the market rose pre-market about 0.9%, testing the previous swing highs for absorption purposes while targeting the next swing highs. Quarter’s extreme as rotational targets in play. The stock has trending highs for about three days, giving mixed to bullish bias.
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The hourly perspective trending highs with the daily, testing the swing highs for sellers and absorption while targeting the upper distribution for resistance. A lower micro-bracket might serve as a supportive level in case of a drop.
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