Hubert Senters here.
Let’s take a look at Tesla, TSLA. Whether you love the cars or not or if you like the CEO or not this doesn’t have anything to. This is pure technical. So you had a gap down situation right here that got below the cloud which is usually a negative thing. Then it made a low on two key support which is a good thing. Then it bounced back up into overhead resistance of the cloud.
And usually when it kisses that there’s a couple it can be that or it can be that and then the kiss of death. I don’t think this is the kiss of death but it definitely looks like it wants to go back down here and test the most recent support area.
If that does not hold that could be a bad thing for Tesla. If it breaks its most recent support which is around I’m going to eyeball this because support is not a pinpoint accurate thing. It is a zone. I’m going to give it a zone of $290 to $275. If it breaks that it should go to $249. Let’s just round up and say $250.
If 250 does not hold well, then we have to put a weekly chart up and then we’ll be looking at $200. So if this area doesn’t hold, $250 is next and then after that $200. In the grand scheming of things it’s still not bad. But that’s what it looks like.
Good luck. Hope it helps. And I’ll see you on the next video.
Hubert.
