Looking to short Tesla if price should push against the red area (Sell area 1).
Reason beeing its a former, engulfed supply zone that stopped the previous uptrend before beeing taken out. It also served as Support for a short period of time.
In general if this trade should work out i see other major stocks going down.
S-L (Stop- Loss): I dont want to see a close of a weekly candle above the green line.
Target: A former resistance area that is in confluence with the 50% of the range of the recent uptrend.
Additional: The last uptrend swing of Tesla (See blue Fib levels) followed a correction to the 23% Fib before starting with the current uptrend. The 23% Fib of the current uptrend is marked with a green rectangle.
Good luck
Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
Reason beeing its a former, engulfed supply zone that stopped the previous uptrend before beeing taken out. It also served as Support for a short period of time.
In general if this trade should work out i see other major stocks going down.
S-L (Stop- Loss): I dont want to see a close of a weekly candle above the green line.
Target: A former resistance area that is in confluence with the 50% of the range of the recent uptrend.
Additional: The last uptrend swing of Tesla (See blue Fib levels) followed a correction to the 23% Fib before starting with the current uptrend. The 23% Fib of the current uptrend is marked with a green rectangle.
Good luck
Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
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