I have seen al lot of trend reversals on charts, and they all look of 3 types. The chart of TESLA reminds a classic double blow off top. Quite scary if you think that the Bull market of tech stocks is probably dead and wont really come up again for a while. Plus Elon nowdays is not doing a great figure on twitter shilling Dogecoin and Bitcoin, I dont think investors are very happy. The robotaxy the Tesla bull are talking about are probably at least 10 years far from today (I know the state of the industry) so there is probably little reason to hold tesla this year. Prediction: Possible rally/bounce up to 100ema and then trend down. Cutting down the 200ema will be a clear bear market signal.
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shorting at around 640 for a technical pullback could be an easy short term play
Trade active
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adding more short positions here
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tesla is finding a lot of support, it's now squeezed btw several emas. Trend is still bearish at the moment though
Wow you nailed it so far. The bounce up off the 200 DMA is tracking your little white up arrow exactly!!
BTW what is 645? Meaning like 660 is the 50 DMA, 680 is where the overhead downtrend line from 900 in Jan/Feb to 780 in April comes down to.
645 is the gap between March 30 and 31?
Ankel-ssj
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@bjorn2z, the 645 level is the range [640-650]where I predict the 50ema will find the stock price, more or less. I will try to short tesla when this will happen. The first bounce it did happen as forecasted, the short I think will happen too, cant know if it's really going that down, but a retracement to around 600 is really possible. If then breaks the 200ema is another story,.,,
bjorn2z
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@Ankel-ssj, 600? I prefer your down white arrow and dashed green line at 425! 600 and 540 should breakdown easily. :-)
Looks like it has already rolled over at 635 on Friday and today.
Ankel-ssj
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@bjorn2z, yea usually if u want to take a short position u wanna open a early position smwhere and add on them at key levels
bjorn2z
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Oh come on!
Your original down arrow to 425 looked great. I am still positioned for that outcome.
Now equivocating up to 700 and down to 500? :-)
bjorn2z
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The bounce on Jun 4 was on less volume than the fall on Jun 3. Short more from 600 to 605?
bjorn2z
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@Ankel-ssj How are you doing it? Outright selling shares short? Buying puts?
@dswoop91, There are support levels at 450, 425, 400......TSLA will rollover at 645 and just slice through all these levels to go directly to the 2020 Labor Day week level of 365?
Or will there be dead cat bounces at 450, 425, 400 along the way? Also, the 300 levels of last August, and 200 levels of last June also seem likely. No?
BTW what is 645? Meaning like 660 is the 50 DMA, 680 is where the overhead downtrend line from 900 in Jan/Feb to 780 in April comes down to.
645 is the gap between March 30 and 31?