Tesla stock analysis: The Struggle Continues...

Conclusion for today’s Tesla motors stock analysis:
Breakout from the triangle formation confirms the direction of the next price swing for Tesla and also the minimum projection for price movement.

Tesla Inc.’s (TSLA) intraday timeframe analysis is provided on a 6 hour timeframe with coverage of over 24 months of price action. Our previous analysis calling for a sell off to the 251 price region was provided for free below:

https://coinanalyst.investments/2018/12/17/tesla-analysis/

Immediate attention is drawn back to the region analyzed previously for Tesla, which is the meandering action since price reached a peak of 389.57 on September 18, 2017 to current date.

The aforementioned region above was described in the previous Tesla stock analysis as a rectangle top pattern. Revision of the chart for today identifies the chart pattern as either a descending triangle or a symmetrical triangle.

It is important to appreciate the fact that price action sometimes can satisfy the minimum conditions or criteria for different chart patterns, which it did in this case. What is crucial is to understand the implications of the different chart patterns, projections, as well as momentum to refute tendencies or provide confirmation.

The updated chart patterns considered therefore for Tesla are the descending triangle and the symmetrical triangle. The former has a bearish implication ideally, while the latter reflects a balance between bullish and bearish strength.

Tesla currently trading at the bottom of the established range is expected to continue is current sell off should price close below the triangle and also below 245.55.

On the other hand, continuation of the bullish move from the price low of 260.70 established on April 03, 2019 should see the price of Tesla target the upper boundary of its current sideways range as the minimum expectation.

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https://coinanalyst.investments/2019/03/21/ada-analysis/