Long

Updated

TSLA forming CUP. On the path to $860?

Greetings All,

I'm bullish on TSLA based on weekly, daily, and hourly charts. This analysis focuses on the 2hr chart.

My bull thesis for TSLA:

Rising price and rising volume indicate bullish price action.
Cup pattern forming on the 2h chart. A retracement to the $700 area (forming the handle of the cup pattern) is likely, based on bearish divergence and strong resistance at the 20 EMA.
If TSLA breaks resistance, I'm targeting $860 area based on the depth of the CUP pattern. It would also close the gap created on 9 May.

Alternatively, TSLA could:

consolidate (form a trading range) between resistance and the 38.2, 50, 61.8 levels, OR
consolidate between resistance and support, OR
fully retrace to support, break support, and fall to the $517 support area.

Happy Trading!

Note

TSLA just complete the handle in the C&H pattern, closed the gap, and bounced from the 38% retracement. Target still in play.

Trade active

BOT +1 TSLA 100 17 JUN 22 750 CALL @22.20MARK=705.00 IMPL VOL=82.16%

snapshot

Trade closed manually

SOLD -1 TSLA 100 17 JUN 22 750 CALL @28.07MARK=724.3217 IMPL VOL=80.95%

$600 profit

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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.

Also on:

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.