TSLA for potential price action on September 11, 2024Support and Resistance Levels:
Immediate Resistance:
$235: This level has been marked as a recent high. TSLA would need to break above this for further upside.
$249.89: This is a major resistance zone, and TSLA may struggle to break past it if it moves up aggressively.
Immediate Support:
$226.46: The current price is hovering around this level. It's a key pivot point. If TSLA holds above this, it could attempt to test higher resistance.
$216.27: Another potential support zone, which may act as a strong area of interest for bulls if there is a downside move.
$202.15: The lower support for a significant pullback.
Entry and Exit Strategy for Scalping:
Bullish Scenario:
Entry: If TSLA opens strong and breaks above $230 with good volume, you could look for a potential entry above this level, targeting the next resistance at $235.
Exit: Consider taking profits near $235, especially if volume weakens near this zone. The next target could be $240 for a more extended move, but it would need a breakout of $235.
Stop-Loss: Place a stop-loss below $226.46 to minimize downside risk.
Bearish Scenario:
Entry: If TSLA fails to hold above $226.46 and breaks down, a short position could be initiated with a target at the support zone of $216.27.
Exit: Look for profits near $216, as it may act as strong support.
Stop-Loss: A stop-loss above $230 could protect against an upside reversal.
Momentum and Volume:
Volume Patterns: Keep an eye on the volume, especially as TSLA approaches the key levels of $230 and $235. A breakout with strong volume signals further strength.
RSI: The oscillator shows some choppy action, meaning it’s critical to confirm moves with volume for strong entries.
