Tesla stock forms base of support at $700 | TSLA Technical Analysis, Price Predictions, News

Tesla stock forms base of support at $700 | TSLA Technical Analysis, Price Predictions, News

hey guys welcome to trading the charts my name is rex and this is tesla weekly analysis number 47 for weekending august 28 2021 on monday tesla was up 3.8 closing at 706.30 a nice day for tesla as it showed a lot of strength rallying past key resistance at 700 breaking back out of the consolidation zone between 550 and 700 of which it fell down into in last week’s trading as i mentioned in last week’s video my presumption is that tesla will continue to hold above the yellow uptrend line which goes back to may 19. it is also bullish to see that it was able to hold above the 50 and 200 day moving average shown here in purple and red respectively which are both bullishly and steadily rising upwards if it can hold above 700 i can see it easily testing resistance at the bottom of the orange channel which currently lies at around 750 sometime this week on tuesday tesla was up 0.3 percent closing at 708.49 it pulled back to retest the key support level at 700 and held above it successfully it had just broken out above this level yesterday so we will need to continue to monitor the price to see if it will be a false breakout or not the longer it can stay above 700 the more likely that the breakout is for real my gut is telling me that it will hold above 700 this time around because if you take a look at its previous breakdown below 700 it dropped quickly to the yellow uptrend support line then bounced off this level not only that but if we look at the monthly chart it also bounced off of the bottom of the red uptrend channel which has been acting as a point of support going back to march of last year therefore i think it has bounced off these key support levels and about to make a big run higher on wednesday tesla was up 0.4 percent closing at 7 11 20. it continues to hold above the key 700 level for now but my worries will not subside until it starts to pull away higher from the 700 level i would like to see it make its way up and test the 750 level which is where the bottom of the orange channel currently falls at in order for my confidence in this bullish trend to be affirmed instead tesla has stalled at just above the 700 level unable to break any higher than its most recent high of 731 just early this month but it is a positive sign that we are seeing tesla hold its up trend above the yellow trend line and also holding above both the 50 and 200 day moving average which are both in a steadily rising slope on thursday tesla was down 1.4 percent closing at 701 16. tesla pulled back re-testing the 700 support level so far we’ve had a false breakout followed by a false breakdown and potentially another false breakout above 700 if it is unable to hold above this level again it looks like it’s trying to consolidate and form a new base of support at this 700 to 731 level however the support levels to watch if it breaks below 700 again is at the 50 and 200 day moving average which currently lie at around 6.74 below that and we could see a retest of the yellow uptrend line at around 6 55. on friday tesla was up 1.5 closing at 7 11 92 it continues to consolidate and trade just above the 700 level as i mentioned before my bullishness in the stock will be affirmed once tesla starts to pull away higher above the 700 level it will first need to set a higher high by breaking above 731 if it breaks above that level i can see it running to resistance at the bottom of the orange channel which currently lies at around 750. as it breaks above each of these price targets the bow case gets stronger and stronger the ultimate key resistance to break above is the bottom of the green channel which currently lies at around 8 10. this is an absolute critical level to break above because this green uptrend channel goes all the way back to august of last year if tesla can break back into this uptrend channel in my opinion it would be extremely bullish and could set it up for a run back to retest all-time highs to the downside we have support of both the 50 and 200 day moving average which both currently lie at around 676. if it breaks below that level the next key support comes in at the yellow uptrend line which currently lies at 658 this yellow uptrend line has held that support going back to may 19. so those are my price predictions for next week bold case we will need to break above 731 to form a higher high next it will need to break above resistance at around 750 finally a break above that level and we could see tesla run all the way up to 810 resistance bear case we have support at 676 and a break below that level then we will find support at around 6 58. now on to tesla news morgan stanley’s adam jonas released a new note we think the message of ai day goes beyond humanoid bots and exaflops tesla is running one of the world’s largest and arguably most ambitious r d laboratories to tackle the world’s hardest problems investors can’t resist funding the effort remembering edison’s muckers history is a great teacher and i cannot help but see the parallels between elon musk’s engineering efforts at both tesla and spacex as well as neurolink boring company etc and those of thomas edison in the 1870s and 1880s the incandescent light bulb phonograph electric grid motion picture camera these are just some of the more well-known inventions born out of his more than one thousand us patents but out of all of edison’s inventions many historians say his greatest was the r d laboratory where men and women from around the world who edison referred to as his muckers worked long hours into the incandescent light to perfect the product for commercial use today elon musk offers the r d lab at tesla and spacex to try the impossible until it’s possibly possible moneyball tweets tesla china’s july production numbers tesla made in china july production was thirty seven thousand fifty two model threes were twenty three 23 227 produced whereas model y was 13 825 tesla enters the top five of 50 most innovative companies in 2021 the rapidly changing market and needs require companies to be flexible and dynamic in the face of the covet 19 pandemic not all companies have been able to be agile enough to remain innovative however many have proven themselves to be innovative and have improved their position in the top 50 most innovative companies in 2021 and tesla has become one of them this year was full of pandemic-driven changes that changed corporate priorities yet innovation remained a priority for corporations around the world the boston consulting group has ranked the most innovative companies since 2005 the 50 most innovative companies in 2021 were determined and ranked based on a survey of sixteen hundred global innovation professionals tesla which is a manufacturer of automobiles and energy solutions was ranked number five among the 50 most innovative companies in 2021 it should be noted that the manufacturer has improved its position compared to last year when it took 11th place tesla works and develops in several industries at once gradually discovering new ones the company creates unique products such as hardware and software for full self driving batteries for electric vehicles robotics for the production of cars etc and has now begun to develop in the field of the construction of humanoid robots all this combined with its high market capitalization makes tesla one of the most innovative companies around tesla’s auto bidder is scaring germany’s utility providers germany’s players in the utility sector are starting to feel quite nervous about tesla’s expansion into the country’s energy market this is especially true when it comes to the deployment of auto bidder which could very well make tesla a serious utility provider in a statement to news outlet handles blatt one of germany’s major electricity companies admitted that it is taking tesla and its energy division very seriously we take tesla very seriously and watch exactly what they are up to the electricity company said this could prove to be a worthwhile strategy as the electric car manufacturer is slowly encroaching into germany’s utility sector particularly concerning among tesla’s energy products is auto bitter which the company once described as an autonomous system for participating in the energy market that operates high frequency trading powered by artificial intelligence and tested to much success in markets such as australia auto bidder is capable of networking customers battery storage systems like power walls and perhaps even ev batteries storing their excess energy and feeding it to the grid at the optimum time octopus energy tesla’s partner in its energy conquest in the region has stated that systems like auto bitter have the potential to change the game in the utility sector as such it is no surprise that traditional utility providers may see the ai powered system as a threat we are already working with tesla on further ideas to generate even more benefits for you from your powerwall just as tesla has changed the rules of the game in the automotive sector we trust them to disrupt the energy market the energy company remarked despite the reservations of germany’s utility providers claus cruzer who has been analyzing the country’s energy market for years believes that tesla’s possible disruption in the utility sector could bode well for local consumers such a strategy could also result in tesla reaping some financial rewards if the company starts to put together large bundles it will become a serious player on the electricity market customers get a fee and tesla as the operator earns money with it tesla can become a force with electric cars and home storage systems tesla is not yet implementing a direct aggressive push into germany’s utility sector and so far the company seems to be keeping a low profile out of the 88 000 home battery units installed in germany last year for one only 30 000 were attributable to tesla however in industry circles speculations are reportedly abounding that tesla is looking to introduce a nationwide energy offer by the beginning of 2022 if tesla adopts an aggressive strategy germany’s energy market could very well be shaken up just like the country’s premium auto segment some exciting news for tesla vehicle owners as elon announced a public fsd beta button available in about a month elon tweeted we should be there with beta 10 which goes out a week from friday no point in the release this week it will have a completely retrained neural net so we will need another few weeks after that for tuning and bug fixes best guess is public beta button in about four weeks tesla applies to sell electricity to texas residents tesla is seeking to sell electricity directly to customers in texas according to a new report texas monthly reported thursday that a tesla subsidiary earlier this month filed an application with the public utility commission of texas to sell power on the retail market tesla reportedly told state regulators it intends to build two giant 250 megawatt batteries one at its factory under construction near austin and the other outside houston electricity could be drawn from that grid or from tesla home batteries the report said and texans with solar panels on their homes could sell excess power to tesla’s grid as well about 120 other companies already sell electricity to consumers in texas which was hit by a calamitous cold snap in february that pushed the state’s power grid to the brink and left many residents without electricity for days tesla battery packs are planned to store energy at an apple solar plant near monterey california and it has a massive battery project in australia and by the way if you guys want to support the channel and get a free stock worth up to 221 dollars and 50 cents be sure to use my referral link in the description below to sign up for robinhood thanks for watching guys please hit that thumbs up if you enjoyed the video and subscribe for more content
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Tesla stock forms base of support at $700 | TSLA Technical Analysis, Price Predictions, News

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