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12.05.202109:09 Forex Analysis & Reviews: Elliott wave analysis of Tesla for May 12, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 12.05.2021 analysis

Tesla has now broken the uptrend support, which acted as the main direction since March 2020. The break confirms that the major uptrend is broken and a correction to the support area between 365 and 420 should be expected in the weeks ahead.

In the short term, we can see resistance near 617 which is expected to act as a cap. It continues to add pressure on Tesla to push it to the expected correction phase so that it reach the support-zone between 365-420.

Trading recommendation:

Buy Tesla in the support zone between 365-420

Torben Melsted
Analytical expert of InstaForex
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