As we have now dropped back to the breakout level of 185.40 this is going to be an absolute monster level for Tesla to hold as support. I’m praying for another test of this level as I will be loading the longs at this levels. If we were to lose 183 then I think I’d have to invalidate this idea
I’m going out on a limb here and putting a 220 price target on Tesla. What I am seeing is an overall weekly falling wedge with reistance of the other wedge at 220$ a breakout of that level gives a longer target of 400$
This idea also will mean Tesla doesn’t see below 179 again so this is a very bold idea.
Now what I am seeing here is a bull flag breakout and curently we area flagging in a smaller wedge above the bull flag breakout reistance
Now the safest way to play this long would be a hold above 196$ as new support but if we want to take a better risk to reward we can try to catch this 185.40 low as long as it holds as a double bottom as i hienstly think it may actually do. Reasoning below
Prior to the gap up on Tesla, we struggled in a range from 185.40-176.40. We traded in this range for a few weeks. As we contiued to reject 185.40 we finally found momentum off a 176.40 double bottom that rallyed us to a quick rejection of 200 which will be another key monster level to deal with later
Overalll as long as Tesla can find more support at 185.40 it could be a sick long trade to pull off
Idea for Tomrorow
I’d look for a rejection of 190 area and a pull back to retest todays low. This could be a possible short entry if rejection is confirmed. We ride it down to the 185 lows and see how price reacts. If we can show solid support and confirmed hold above , no candle body’s closing below and remaining below as reistance we can smash long and close the shorts
I’m going out on a limb here and putting a 220 price target on Tesla. What I am seeing is an overall weekly falling wedge with reistance of the other wedge at 220$ a breakout of that level gives a longer target of 400$
This idea also will mean Tesla doesn’t see below 179 again so this is a very bold idea.
Now what I am seeing here is a bull flag breakout and curently we area flagging in a smaller wedge above the bull flag breakout reistance
Now the safest way to play this long would be a hold above 196$ as new support but if we want to take a better risk to reward we can try to catch this 185.40 low as long as it holds as a double bottom as i hienstly think it may actually do. Reasoning below
Prior to the gap up on Tesla, we struggled in a range from 185.40-176.40. We traded in this range for a few weeks. As we contiued to reject 185.40 we finally found momentum off a 176.40 double bottom that rallyed us to a quick rejection of 200 which will be another key monster level to deal with later
Overalll as long as Tesla can find more support at 185.40 it could be a sick long trade to pull off
Idea for Tomrorow
I’d look for a rejection of 190 area and a pull back to retest todays low. This could be a possible short entry if rejection is confirmed. We ride it down to the 185 lows and see how price reacts. If we can show solid support and confirmed hold above , no candle body’s closing below and remaining below as reistance we can smash long and close the shorts
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.