$TSLA ready for trend reversal?

$TSLA ready for trend reversal?


August 2023


Alex Cole

$TSLA has managed to climb out of the “NoGo” correction it has been in since earlier this month.

We have seen over the last few bars GoNoGo Trend painting amber “Go Fish” bars.  This happens when not enough of the criteria are being met for GoNoGo Trend to identify a trend in either the “Go” or the “NoGo” direction.  As the market displays uncertainty, we look to the GoNoGo Oscillator and see that it has broken above the zero line into positive territory.  This tells us that moment is positive and so we will look to see if GoNoGo Trend flags a new “Go” trend if price climbs any higher. If it does, and price climbs above the congestion area visible on the chart then we can look for price to make an attempt at a new higher high.

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