Medium-term sell signal did not manifest.
I was waiting for market close today to decide if I would short. I am still waiting for now.
The red line at 245 is where TSLA support breaks. This line represents a significant one, initially a resistance line first hit in Feb 2014. TSLA has been repeatedly dancing with this line during the 5 years since. If it had closed below it again this week, I expect we'd see 200 again. However, it rebounded in the last two days to close above, meaning I did not get the sell signal I was waiting for. There is still enough support left to hold this line for now.
This decision would be for a time frame of 3-6 months most likely. The only other way I would touch TSLA at the moment would be to gamble on earnings. Overall, TSLA is one of the most unpredictable stocks, carrying both the most uncertainty and the most hype.
The red line at 245 is where TSLA support breaks. This line represents a significant one, initially a resistance line first hit in Feb 2014. TSLA has been repeatedly dancing with this line during the 5 years since. If it had closed below it again this week, I expect we'd see 200 again. However, it rebounded in the last two days to close above, meaning I did not get the sell signal I was waiting for. There is still enough support left to hold this line for now.
This decision would be for a time frame of 3-6 months most likely. The only other way I would touch TSLA at the moment would be to gamble on earnings. Overall, TSLA is one of the most unpredictable stocks, carrying both the most uncertainty and the most hype.
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