#TSLA closed this week with an interesting set of daily and weekly candles and very clear perspectives for the monthly closure on February 28. Let’s have a closer look.
The analysis below is part of the Weekly Series – US and global indices, Cryptocurrencies, Commodities, Currency, and Large Cap stocks – that can be viewed here.
This Weekly Update contains:
– overview of the daily, weekly and the perspectives for monthly candles and TA;
– short term forecast with Elliott Waves.
Monthly (right chart)
The monthly candle that can be closed on Monday is in a position to form various bearish candle. Why I am not talking about a bullish candle? The answer is simple. In order to make a bullish formation, $TSLA needs to rally on Monday about 15% or higher. While the possibility is always there, the probability of such rally is somewhat low.
From the technical perspective, unless TSLA closes on Feb 28 above approximately $890, it will close a month below 8 monthly EMA for the first time since 2019 when it lost about 40% of its cap after such event. Something to keep in mind.
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I hope you actioned the Alerts on Feb 17 and Feb 12: