Technical Analysis & Outlook Video for Tesla and Honda Stock Week Feb 12th
On Telsa ($TSLA), We have been on a rally up to 271.57 top of the range and Trending up to the the extremes of $291. This week I’m expecting to see price give us a little move back down to the daily demand zone at $250-$247 before a continued push into the highs at $291. I’m really looking for a ‘checkmark’ trade before price continues to rally. Bottom line is the the market moves in waves and we have just seen major expansion. That expansion could continue up to $282 supply zone first before another little retracement. This would be a ‘gap and go’ type of movement. However I believe that we are going to get a ‘checkmark’ trade back down first before we see continued expansion.
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On Honda($HMC) this week, we are looking at price moving to the upside as well. However, instead of price being at the highs of the market. Price has been at the lows and to me it looks like price maybe forming a new uptrend as we have just broken through supply at $31.18. If this move continues then I would expect to see price retest $35-$36 weekly supply zone. We gapped down today but we have yet to touch the newly formed daily demand zone at $31.10-30.68. I would like to see price at least touch that level before continuing up. However the market can do whatever the market wants to do. I would just be waiting for the price to retest ‘low’ at the daily demand zones of $31.10-30.68 or $29.85-29.09 before getting long in this new possible uptrend. The real confirmation in my mind to the uptrend will be a close above $31.10 on the daily bars. BottomLine is that price did break through major supply and this is very likely
A new uptrend type of thing. We are going to see price come back down once it hits $33 supply zone so until then I want to be a buyer.