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Monthly Journal: Traders' Insights Wanted!
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Consolidation in Tesla Shares

Get the techcnical outlook for Tesla and its technical levels to watch out for in the link below.
Tesla's earnings release and the news of the price drop in china seemed to get a negative reaction in the market. Currently Tesla's price action is consolidating near a long term fibonacci level. These levels are used as strong support/resistance levels by many investors. You can see the fibonacci level highlighted in red in the chart below in red. It is near the 212 price point.
Consolidation in Tesla Shares
This weeks earnings reports are going to be the market movers for this week and possibly the next few weeks. Wether earnings bring the market up or down is the question. $Tesla (TSLA.US)$is near a major fibonacci level so if there are any big market moves off of earnings reports from the major allocations in the $SPDR S&P 500 ETF (SPY.US)$ then TSLA will likely catch sentiment and follow the big market moves just like a lot of other equities. But before any uptrend can even be thought about we need to see TSLA's share price climb above the dynamic downward trending resistance level I have highlighted in the chart above by the purple line. This week could very well be the factor that determines if there will be a bear market rally or not. If Tesla catches some upside with the market then there are some short-term resistance levels I've highlighted in yellow in the picture below. I've also highlighted the next fibonacci level to the upside in red. These are the levels to watch for friction in the price action or a possible reversal. Of course that all depends if we even catch some upside off of earnings. And since we are in a bear market we should be looking for short positions. So watch the resistance levels when the market is rallying.
Consolidation in Tesla Shares
So what do you think? Will Tesla catch an earnings sentiment rally this week? Or will Teslas price continue to fall in this bear market and drop well below the current fibonacci level that is just above the current price?
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