Tesla bounced and confirmed the long term uptrend. On a smaller time frame it has formed a declining wedge which is typically a bullish chart pattern. Lets see if it can hold the trend and rally out the wedge. I'm long here with stops at $240. Left enough funds to accumulate on the way down.
Note
Tesla looking weak, the positive news from yesterday regarding the Robotaxi's and autodriving capabilities have not moved the market in a positive direction at all. Expecting a fall below support today or tomorrow when the poor financial results for this quarter are being released. Switching to a short position after the market behaviour today. Do not see the volume coming in to move this upward.Note
Very interesting reaction to the poor financial reports. Support held much better than I expected. I was expecting the long term uptrend to get clearly broken and it might have held up if next market day is green. The long term uptrend and the wedge resistance are 15 points apart now so I am staying neutral and will only enter upon break of either the support or resistance. Interested to see how this plays out as the bullish news from the autonomous day and the bearish news from the financial reports has far less of an impact than I anticipated. Going to let the technicals do the talking for the next move.Note
Tesla on the cusp here. Breaks this level it will run down very quickly. If you are entering a long today definitely place close stops. be careful here. Could get panic sold very hard if this level breaks.
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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.