Tesla’s Bollinger Band showed potential 13.5% upside
Tesla’s bollinger band showed more spaces above, potentially could reach $285-286 the following weeks. How do I know? Let me show you.
Bollinger Bands Strategy
Bollinger Bands are a very effective way of determining where will prices bounce off from and go in the future. This strategy has 3 standard deviation lines placed on the chart, mainly the bottom, middle and top lines for simplier understanding.
You just got to know 3 things to play this strategy. 1, when prices reach outside of the top bollinger band, it indicates overbought. 2, when prices reach outside of the bottom bollinger band, it indicates oversold. 3, follow the direction of the trend showed in the bollinger bands.
Well, to gain a much more better confluence and confirmation where the price will be heading, it can be accompanied with a simple support resistance line being drawn as clearly drawn for you in the picture above with cyan lines.
In addition, the Bollinger bands showed an uptrend line, indicating that the current trend is uptrend.
Most importantly, there are spaces above the current price and it could potentially reach the top of the bollinger band, which is $286 a share.
HOWEVER
Tesla’s price action showed multiple rejection at $259-260 a share. for this strategy to work, the price must be able to break through the level stated in order to reach $286 a share. My personal opinion for this is you have to rely on Q2 delivery results next week to determine whether this stock could reach the level or not.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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cnkj : Your trendlines are out of place. Connect the recent two highest highs and 2 lowest lows and recalibrate.