Hi Traders! Tesla forecast update and follow up is here. On July 8th I shared this Tesla Forecast And Technical Analysis post in my blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
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Now let’s summarize the idea first:
On the daily chart, the price which is moving higher has created a bullish trend pattern which we may consider as evidence of bullish pressure. Also while looking at the Parabolic Sar we could see that the dots are below the price. In addition to this the ADX indicator gave a bullish signal at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider these as evidences of bullish pressure. Also, there are no evidences that show the trend is over.
On the H4 chart too we have a bullish trend pattern that has formed. Also while looking at the Parabolic Sar we could see that the dots are below the price here as well. In addition to this the ADX indicator gave a bullish signal here as well at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider these as evidence of bullish pressure. Also, there are no evidences that show the trend is over in the H4 chart as well.
On the H1 chart too based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment, so until the condition changes my view remains bullish here.
On the H1 chart based on the above-mentioned analysis I was expecting pullback and then potential continuation higher. The pullback that I was looking for happened and then the price moved higher exactly as I expected it to delivering a fantastic move to the upside.
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To your success,
Vladimir Ribakov
Certified Financial Technician
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