Tesla Motors Inc is mostly over-heated now at this Price level! In this blog post we will talk about, Price Action Trading of an USA Share, viz. Tesla Motors Inc as it is happening now. At the time of writing this post, Price of Tesla Motors has printed an high price level of 499.30. This price level of 499.30 is just shy of the magic whole number 500.00.
Here we will analyze Price Action of Tesla Motors from the following perspective:
1. Identify Price Action Swings
2. Draw meaningful standard error channel lines
3. Identify market bias
4. Analyze divergence if any
Using the above four analyzing methods, let us do Price Action analysis of Tesla Motors by considering one at a time:
1. Identify Price Action Swings: In the weekly chart above, the last swing high was printed in the week number 47 ending on 24 November 2019 and the last swing low was printed in the last week i.e. week number 01 ending 05 January 2020. Point to be noted here is, this high price of 499.30 can be a swing high if next week’s high is lower than this. Also Tesla Motors could not close above the magic whole number of 500.00. It did an attempt but failed when Tesla Motors close was at 495.77 on 08 January 2020.
2. Draw meaningful channel lines: The last effective standard error channel lines were drawn from the swing low of week number 23 ending on 9 June 2019 till date. The long duration standard deviation channel lines were drawn from 14 January 2019 till date. Now interestingly Price of Tesla Motors is showing an Over Bought Condition closing well above these 2 standard error channel lines.
3. Identify market bias: From the above two analysis, we can make a statement that the market bias is in the up or long side, however it is mostly over heated.
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