Tesla shares (NASDAQ:TSLA) are already bearish and this is a trend that is expected to continue. The bearish movement began at the beginning of this year, as the nice bullish run that was seen in the year 2020, got terminated.
The market consolidated in October and November 2020, and then began to rise northwards in that November, making serious gains, before price started receding. The ADX period 14 is around the level 30, meaning that the momentum in the market is considerable. The DM- is above the DM+, emphasizing the bears’ presence and dominance.
The MACD default parameters, has its signal lines below the zero line; plus its histogram, which is currently and slightly above the zero line, would soon fall below the zero line. Once that happens, there would be an undisputed Bearish Confirmation Pattern in the market.
The outlook on Tesla is bearish for this year, and the demand zones at 600.00, 550.00 and 500.00, would be tested.
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