TSLA Weekly: Support and Resistant
Support and Resistance
Hi there,
Is it time to buy TSLA? Need to watch Nasdaq closely on profit taking pattern from traders. Buying TSLA at the 200 Week line has always been a good investment for buy and hold.
Support: 200 Week MA $271.
Resistance: $379
Stochastic: oversold
RSI: Bulls lost the 50 territory and bears have upper hand on momentum
Trade Setup: Our suggestion is to wait and see how the broader stock market handles the overbought signals and profit taking pattern from traders. Review market context when stochastic flashes a buy signal and if you want to own TSLA on a long term buy and hold this is a good zone. However, if the 200 Week MA support breaks we could see prices drop between the 100% to 127.2% retrace ($248-$212) in the medium term.
Regards,
Bobby
Hi there,
Is it time to buy TSLA? Need to watch Nasdaq closely on profit taking pattern from traders. Buying TSLA at the 200 Week line has always been a good investment for buy and hold.
Support: 200 Week MA $271.
Resistance: $379
Stochastic: oversold
RSI: Bulls lost the 50 territory and bears have upper hand on momentum
Trade Setup: Our suggestion is to wait and see how the broader stock market handles the overbought signals and profit taking pattern from traders. Review market context when stochastic flashes a buy signal and if you want to own TSLA on a long term buy and hold this is a good zone. However, if the 200 Week MA support breaks we could see prices drop between the 100% to 127.2% retrace ($248-$212) in the medium term.
Regards,
Bobby
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