Latest news with #ElliotWave
Yahoo
20-05-2025
- Automotive
- Yahoo
Watch These Tesla Price Levels as Stock Drops Following 4 Weeks of Gains
Tesla shares lost ground to start the week after posting gains in each of the previous four weeks, a period during which the stock rose 45%. The stock continued trending higher after breaking out above the neckline of a triple bottom pattern earlier this month, through the price has consolidated in recent trading sessions. Investors should monitor key support levels on Tesla's chart around $289 and $271, while also watching important resistance levels near $430 and $ (TSLA) shares fell on Monday, a sluggish start to the week for a stock that had posted gains in each of the previous four weeks. The downturn to start this week came as technology conglomerate Xiaomi announced that its new electric YU7 SUV will launch in China on Thursday, likely challenging Tesla's popular Model Y for market share in the competitive mid-size electric SUV category. During their four-week winning run, Tesla shares gained 45%. Sentiment has received a boost lately from the cooling of global trade tensions, including lower tariffs, and CEO Elon Musk's commitment to spend more time running the company, all of which have helped offset concerns about declining sales. The stock fell more than 2% to around $342 on Monday. Below, we take a closer look at Tesla's chart and use technical analysis to identify key price levels worth watching out for. Tesla shares continued trending higher after breaking out above the neckline of a triple bottom pattern earlier this month, through the price has consolidated in recent trading sessions as investors assess the stock's next move. Despite the minor retracement that has coincided with declining volume, the relative strength index remains just below the 70 threshold, confirming bullish price momentum. Let's identify several important support and resistance levels on Tesla's chart that investors will likely be monitoring. The first lower level to monitor sits around $289. The shares could encounter buying interest in this area near the triple bottom pattern's neckline, which may flip from a location of prior resistance into future support. Further selling in the stock opens the door for a decline to the $271 level. Investors may look for entry points in this region near the 50-day moving average and a horizontal line that connects a range of corresponding trading activity on the chart extending back to last July's prominent swing high. A resumption of the current uptrend could see Tesla shares initially climb to around $430. This area on the chart may provide overhead selling pressure near the mid-January countertrend peak and the stock's first minor pullback after setting its record high in mid-December. This location also aligns with a projected bars pattern target that takes the stock's trend higher in early May and overlays it from Monday's low. This analysis speculates that a basic Elliot Wave pattern comprising five distinct price swings may be playing out. Further upside could fuel a rally toward the $489 level. Investors who have purchased shares at lower prices may decide to lock in profits in this region near the stock's all-time high, especially if other technical indicators were confirming overbought conditions at the same time. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia
Yahoo
25-04-2025
- Business
- Yahoo
Watch These Gold Price Levels After Precious Metal's Retreat From Record High
Gold rebounded on Thursday after tumbling yesterday, as investors kept a close eye on developments related to tariffs and the economic outlook. Gold's price rallied to a new record high earlier this week before staging a dramatic intraday reversal to form a bearish shooting star candlestick pattern. Investors should watch key support levels on gold's chart around $3,145, $2,955, and $2,790, while also watching a critical overhead area near $3, (XAUUSD) rebounded on Thursday after tumbling yesterday from a record high, as investors kept close tabs on developments related to tariffs and the economic outlook. The precious metal surged to its all-time high of near $3,500 an ounce earlier in the week as investors abandoned risky assets amid concerns about trade tensions between the U.S. and China and President Trump's repeated criticisms of Federal Reserve Chair Jerome Powell. Gold backed off its highs after Trump said that tariffs on China would likely be significantly reduced and that he has no intention of firing Powell from his role. The price of gold has soared 28% since the start of the year, boosted by worries that tariffs could slow economic growth and reignite inflation, sending investors flocking to the safe-have asset that is often seen a hedge against rising prices. Gold was trading around $3,350 late Thursday. Below, we break down the technicals on XAUUSD's chart and identify key price levels that investors will likely be tracking. Gold's price rallied to a new record high earlier this week before staging a dramatic intraday reversal to form a bearish shooting star candlestick pattern. The recent downside move coincided with a steep drop in the relative strength index (RSI) below overbought levels, indicating a strong momentum shift. Zooming out, the commodity has trended sharply higher since mid-December, replicating a basic Elliot Wave pattern with five distinct price swings, which is then typically followed by a corrective phase. Let's identify three key support levels on XAUUSD's chart to monitor and also locate a critical overhead area worth watching. Further weakness could see gold's price initially fall to around $3,145. This area may provide support near the early-April swing high, which finds confluence from the 38.2% Fibonacci retracement level when applying a grid from the last year's December low to this month's high. The next lower area to watch sits at $2,955, just above the 61.8% Fibonacci retracement level. Investors may look for opportunities to buy the yellow metal in this region neat the February peak and April trough. Bullion bulls' failure to defend this level could trigger a move down to lower support near $2,790. This area, sitting just above the 78.6% Fibonacci retracement level, may attract buying interest around the notable October 2024 swing high. Finally, recovery efforts in gold's price may see the price make another attempt at the $3,500 area. Tactical traders who have bought recent weakness may see the commodity's record high set this week as a suitable location to lock in profits. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
01-04-2025
- Automotive
- Yahoo
Watch These Tesla Levels As Stock Kicks Off April With Gains After Q1 Selloff
Tesla shares kicked off the month on a high note after leading Magnificent Seven stocks lower in the first quarter, when the EV maker lost more than a third of its stock market value. After setting a record high in mid-December, the stock entered a steep downtrend throughout most of the first quarter, following a basic Elliot Wave pattern with five distinct swings playing out. Investors should watch crucial support levels on Tesla's chart around $225 and $186, while also monitoring key resistance levels near $360 and $ (TSLA) shares kicked off the month on a high note Tuesday after leading Magnificent Seven stocks lower in the first quarter, when the EV maker lost more than a third of its stock market value. The company's stock, which endured a nine-week streak of weekly losses during the quarter, has been hit by falling sales and a backlash to CEO Elon Musk's increasing political involvement in the Trump administration, along with uncertainty about how tariffs could affect its business. Tesla shares were one of the worst performing stocks in the S&P 500 in the first quarter, losing 36%. Tesla shares gained nearly 4% to close around $268 on Tuesday, ahead of the expected release tomorrow of first-quarter deliveries data. The company's sales in Europe and China fell sharply in the first two months of the year, and analysts expect Wednesday's report to show the overall delivery numbers were sluggish. Below, we take a closer look at Tesla's chart and use technical analysis to highlight crucial price levels that investors may we watching. After setting their record high in mid-December, Tesla shares entered a steep downtrend throughout most of the first quarter, following a basic Elliot Wave pattern with five distinct swings playing out. More recently, an upswing in the stock met selling pressure at the 200-day moving average (MA), with the relative strength index (RSI) putting in a local top above the 50 threshold at the same time. Looking ahead, chart watchers should monitor for a potential death cross, an event where the 200-day MA falls below the 50-day MA to caution the start of a new move lower. However, if the bulls can successfully defend last month's low, it may put the wheels in motion for a new uptrend to emerge during the second quarter. Let's identify crucial support and resistance levels on Tesla's chart worth watching. The first support level to eye sits around $225. The shares may attract buying interest in this area at a trendline that links trading activity near last month's low with a range of price action on the chart stretching back to the stock's July gap. Selling below this level opens the door for a decline to the $186 region. Investors may look for buy-and-hold opportunities in this location near the upper level of a prior trading range that formed on the chart between early May and late June, an area that also closely aligns with the prominent August swing low. A rally back above the closely watched 200-day MA could see the shares move up to around $360. This chart location may provide overhead resistance near February's countertrend high and two minor peaks that developed last November. Finally, further buying in Tesla shares may accelerate a move to around $421. Investors who bought at lower levels could decide to lock in profits near the January peak and late-December trough, both situated just below the stock's record high. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Sign in to access your portfolio
