Trading Analysis of Tesla

Trading Analysis of Tesla

Written by: PaxForex analytics dept - Wednesday, 20 May 2020 0 comments

Elon Musk has said the vehicles Tesla is selling today could become appreciating assets over time. We're starting to see a preview of what the CEO means by that. The electric-car maker said on Monday that on July 1, it is increasing the price of its full self-driving capability by $1,000, and more price increases are likely in the future.
The price increase comes as Tesla continues to roll out new features for its self-driving capability, which is currently only an advanced driver-assist package.

Tesla, H4

Pivot: 809.00

Analysis:

Provided that the asset is traded above 758.10, follow the recommendations below:

  • Time frame: H4
  • Recommendation: long position
  • Entry point: 809.00
  • Take Profit 1:  842.30
  • Take Profit 2: 867.50

Alternative scenario: 

In case of breakdown of the level 758.10, follow the recommendations below:

  • The timeframe: H4
  • Recommendation: short position
  • Entry point: 758.10 
  • Take Profit 1: 715.00
  • Take Profit 2: 673.40

Comment:

RSI shows an upward trend, but a short consolidation is not excluded. 

Key levels:

Resistance     Support
877.30 758.10
867.50 715.00
842.30 673.40

Tesla, D1

Pivot: 799.17

Analysis:

While the asset is traded above 704.00, follow the recommendations below:

  • Time frame: D1
  • Recommendation: long position
  • Entry point: 799.17
  • Take Profit 1: 934.00
  • Take Profit 2: 997.00

Alternative scenario:

If the level 704.00 is broken-down, follow the recommendations below.

  • Time frame: D1
  • Recommendation: short position
  • Entry point: 704.00
  • Take Profit 1: 599.00
  • Take Profit 2: 536.00

Comment:

RSI is above the neutral area by 50. The MACD is below the signal line and is positive. The stock may recover in the short term. In addition, stocks are above its 20 and 50-day moving average (768.66 and 637.99 respectively).

Key levels:

Resistance     Support
1126.00 704.00
1062.00 599.00
997.00 536.00

We also advise you to pay attention to AT&T for intra-day trading:

Pivot: 29.58

Analysis:

While the asset is traded below 31.20, follow the recommendations below:

  • Time frame: H4
  • Recommendation: short position
  • Entry point: 29.58
  • Take Profit 1: 26.60
  • Take Profit 2: 25.40

Alternative scenario:

If the level 31.20 is broken-out, follow the recommendations below.

  • Time frame: H4
  • Recommendation: long position
  • Entry point: 31.20
  • Take Profit 1: 33.20
  • Take Profit 2: 34.40