TSLA
is forming a very clear inverse head and shoulders pattern on the DAILY chart. If the RSI approaches the 50 level and clears it, we should see a break of 700 which is approximately the neckline of the inverse head and shoulders pattern. From a technical standpoint, an entry would be made after it breaks through the neckline and price pulls back finding support above 700. Watch for volume to support it at 700. We could enter at the pullback, or set a stop entry order a hair above the previous high.
TSLA
is forming a very clear inverse head and shoulders pattern on the DAILY chart. If the RSI approaches the 50 level and clears it, we should see a break of 700 which is approximately the neckline of the inverse head and shoulders pattern. From a technical standpoint, an entry would be made after it breaks through the neckline and price pulls back finding support above 700. Watch for volume to support it at 700. We could enter at the pullback, or set a stop entry order a hair above the previous high.