$TSLQ - Range BoundTSLQ is an ETF that bets against Tesla ( NASDAQ:TSLA ) and has been trading within a certain range for nearly 10 months. It is worth keeping an eye on this ETF as it may potentially break out to the upside. Although I have invested in NASDAQ:TSLA shares, I would use NASDAQ:TSLQ as a hedge for my long-term portfolio.
The pivot point outside of the range is $41, with a target of $60 (+45%). As this is a 1x bearish ETF, it would imply that NASDAQ:TSLA 's stock price would be approximately $95.
TSLQ trade ideas
**TSLA Short ETF** $TSLQ Daily Chart (Bearish Scenario) **TSLA Short ETF**
NASDAQ:TSLQ Daily Chart (Bearish Scenario) : For educational purposes only, NFA.
#1: Price below daily 9 EMA
#2: Daily forming Bearish expanding triangle, which is bearish reversal pattern.
#3: Bearish Divergence on daily RSI, which is also a reversal signal.
TSLQ | Tesla Bear ETF | LONGUnder normal market circumstances, the adviser will maintain at least 80% exposure to financial instruments that provide inverse exposure to the daily performance of TSLA. The fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve on a daily basis, before fees and expenses, -100% performance of TSLA for a single day, not for any other period, by entering into one or more swap agreements on TSLA. The fund is non-diversified.
