Make or break for Tesla, fellas!
The stock price is hanging out at the bottom of its triangle on the daily chart, still deciding where to go next.
Will the new Tesla smartphone send share prices back up?
Tesla Inc. (TSLA): Daily
TSLA seems to be taking a breather from its dive, as share prices have hit the bottom of a descending triangle pattern forming on the daily time frame.
Will we see a bounce from here?It looks like the hype over the Tesla model Pi smartphone might keep losses in check for now, as the company’s futuristic plans for the device could pose competition for the iPhone and Android phones.
I mean, Starlink access and Neuralink technology?!
Technical indicators seem to be in favor of a move back up to the triangle top around the $1,000 mark or at least until the middle around $850-900.
Stochastic is already reflecting exhaustion among sellers and is turning higher from the oversold region, indicating a possible pickup in bullish pressure.
Also, the 100 SMA is above the 200 SMA to suggest that support is more likely to hold than to break. However, the gap between the moving averages has narrowed to signal weaker buying momentum and a possible bearish crossover.
If the stock market rout continues, TSLA could fall through the triangle support and go for a drop that’s the same height as the chart pattern.
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