Let’s reassess TSLA now that we have this new candle (a big move +4.73%) in context. This changes things substantially, so I’ll reapply candlestick techniques, assess trend health, box positioning, and momentum.
Candlestick Analysis
The new candle:
Large white body (+4.7%) closing at $309.87. Engulfing prior 2 candles’ real bodies → this is a Bullish Engulfing Pattern. Occurs near the 50% retracement ($290) zone (previous support). Volume expanded vs prior days → adds validity. Bullish engulfing after a down leg is an early reversal signal.
Context:
This happens after weeks of indecision candles (spinning tops / dojis) → classic “coiling” behavior before expansion.
Trend Health & Momentum
MACD: Still below zero but histogram bars turning less negative → momentum starting to shift.
RSI: Up to ~47.6, breaking out of its down channel. A move >50 would confirm momentum pivot.
Box Dynamics
TSLA just punched through the upper edge of Box 2 ($300) with conviction.
Now entering “no man’s land” between Box 2 ($300–$360) and Box 1 ($360–$465).
For a sustained breakout it must close above $306–310 range for 2-3 days. Ideally see follow-through with a test of $328 (78.6% Fib).
Tactical Breakdown
✅ Breakout case (higher probability now):
Bullish Engulfing + volume expansion at support zone.
Closing above $306-310 increases odds of a run toward $328 (78.6%) and possibly $360.
❌ Reversal back down (lower probability):
Only if TSLA immediately rejects $310 and falls back below $300 in the next 1–2 sessions.
This price action looks like accumulation showing its hand. Large white candle suggests buyers absorbing supply at prior resistance.
Breakout above $306 confirmed if follow-through continues. Odds for a reversal lower just dropped sharply after today’s engulfing.
Candlestick Analysis
The new candle:
Large white body (+4.7%) closing at $309.87. Engulfing prior 2 candles’ real bodies → this is a Bullish Engulfing Pattern. Occurs near the 50% retracement ($290) zone (previous support). Volume expanded vs prior days → adds validity. Bullish engulfing after a down leg is an early reversal signal.
Context:
This happens after weeks of indecision candles (spinning tops / dojis) → classic “coiling” behavior before expansion.
Trend Health & Momentum
MACD: Still below zero but histogram bars turning less negative → momentum starting to shift.
RSI: Up to ~47.6, breaking out of its down channel. A move >50 would confirm momentum pivot.
Box Dynamics
TSLA just punched through the upper edge of Box 2 ($300) with conviction.
Now entering “no man’s land” between Box 2 ($300–$360) and Box 1 ($360–$465).
For a sustained breakout it must close above $306–310 range for 2-3 days. Ideally see follow-through with a test of $328 (78.6% Fib).
Tactical Breakdown
✅ Breakout case (higher probability now):
Bullish Engulfing + volume expansion at support zone.
Closing above $306-310 increases odds of a run toward $328 (78.6%) and possibly $360.
❌ Reversal back down (lower probability):
Only if TSLA immediately rejects $310 and falls back below $300 in the next 1–2 sessions.
This price action looks like accumulation showing its hand. Large white candle suggests buyers absorbing supply at prior resistance.
Breakout above $306 confirmed if follow-through continues. Odds for a reversal lower just dropped sharply after today’s engulfing.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.