TeslaShort
Weekly chart - Will price drop with broad selling?
Below are the factors I am considering on a long put trade this week:
* RSI is at 94 on weekly, this is rare and it will come back down
* Yellow circles show higher closing price while stochastic %K dropped (green line)
* Stochastic %D has been in decline (red arrow)
* Price is way over 10sma around 600, and 20sma is even lower
If this week sees fear-based selling, TSLA will drop. Have to see how expensive put options are (how high IV goes). Will be looking at Monday's open and 30min chart. If I do open a long put trade, I will buy 1-3 contracts and plan to hold at least one overnight.
* RSI is at 94 on weekly, this is rare and it will come back down
* Yellow circles show higher closing price while stochastic %K dropped (green line)
* Stochastic %D has been in decline (red arrow)
* Price is way over 10sma around 600, and 20sma is even lower
If this week sees fear-based selling, TSLA will drop. Have to see how expensive put options are (how high IV goes). Will be looking at Monday's open and 30min chart. If I do open a long put trade, I will buy 1-3 contracts and plan to hold at least one overnight.
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Disclaimer
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.