I’ve got a couple of simple trend correction setups on Tesla Inc (TSLA) shares and EUR/CAD.
Will these areas of interest hold as resistance again?
Make sure you don’t miss ’em!
Tesla Inc (TSLA): 4-hour
Tesla bulls, watch out!
The stock price is closing in on a former support zone that might hold as a ceiling. This happens to be right around a falling trend line and the 50-61.8% Fibonacci retracement levels.
Will sellers return right here?
Technical indicators are saying that bearish vibes are already present, as the 100 SMA is still below the 200 SMA while Stochastic is making its way down.
In that case, TSLA could resume its slide to nearby support levels like the swing low at $102.50.
However, there are some signs that buyers are refusing to let up. For one, the stock price has climbed above both moving averages, so these could hold as dynamic support on dips.
Also, Stochastic appears to be changing its mind halfway through, so pulling back up would confirm a return in bullish momentum.
EUR/CAD: 1-hour
Missed the neat EUR/CAD downtrend pullback last week?
We might be getting another chance to hop in the selloff with yet another retracement opportunity!
The pair has formed lower highs connected by a falling trend line that’s been holding since the start of February, and price is testing this resistance area once more.
This happens to be in line with the 50% Fib, the 100 SMA dynamic inflection point, and the 1.4350 minor psychological mark. Talk about confluence, huh?
If this area is enough to keep gains in check, EUR/CAD could fall back to the swing low at 1.4235 or lower. A higher pullback, on the other hand, could reach the 61.8% Fib that’s closer to the 200 SMA dynamic resistance.
The 100 SMA is below the 200 SMA to confirm that the downtrend is more likely to gain traction than to reverse, but Stochastic appears to be turning higher to hint at a pickup in buying energy.
If that’s the case, stay on the lookout for a potential upside breakout and reversal from the drop!
