$TSLA #TSLA Weekly Update: 04.06.2021

$TSLA is not out of the woods yet. There are different messages from the weekly and daily charts: the latter says “up”, the former – “hold on”. Let’s explore the hypothesis from the different angles.

So far, the monthly crossed the 8 EMA line and shows the signs of further decline. RSI is supporting the idea. Though, the candle will be finalized on Jun 30 and anything can happen.
Odds: Moderately Bearish

This week weekly candle started green, but was rejected hard at 8 EMA line, keeping the 8/20 cross bearish. In the end, it completed the Dark Cloud Cover that shifted the odds to the dark side.
Odds: Moderately Bearish

On Thursday, the stock fell strongly below 200 MA line and, expectedly, retested the line from below on Friday. Note that the price closed right below both 8 EMA and 200 MA lines. At the same time, the candle formed a Bullish Harami combo, meaning that the odds are bullish now, but a confirmation is required. If in the next few days the price closes above the Thursday high, a bullish reversal would be confirmed.
Odds: Cautiously Bullish

On Monday-Tuesday TSLA could try to build on the daily Harami momentum. If the stock overcomes the 200 MA and confirms, there would be a good chance that the bottom is behind. However, if the price is rejected (the weekly and monthly bearish odds can contribute to that), TSLA could resume its decline towards $500 and, possibly, lower.

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