Technical Outlook Video for Tesla $TSLA and GM $GM Stocks Week 12th April
Today we will be looking at the the car companies today for our stock analysis. We will be viewing Tesla and GM as they battle for electric car dominance in the US market.
On Tesla ( $TSLA), price has made new highs and it’s really exciting to see Tesla at $300 a share. However what goes up must come down and with this breakout I think that’s exactly is going to happen. Therefore, I’m looking for price to give us a pullback the the $280-$275 daily demand zone before we see a continued rally above $305. The four hour timeframe also helps bring multiple timeframe confluence to picture.
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On GM ( $GM) this week, price has been in a range for the past several months and we are seeing price break down out of this range. I’m looking for price to retest support at around the $33 dollar area and if it hold then I could see the the supply zone at $38 break and price would continue to rally up, but this is at the very large weekly time frame and maybe will take the next year to play our. However, we are concerned with what will be happen this next week. This next week I’m looking at price continuing to fall from weekly supply back down into the daily zone at $33.10 down to 32.75. It’s at that point that price has a decision point. Will buyers step in and push for the long term rally or will price fall back down the bottom of weekly demand zone at $31. Personally I would like to see price bounce off of $33 daily demand zone and then break the highs at $38 long timer. But this week I want to see price slowing descend down to $33 and find support.