Tesla has been in a constant down trend since Oct. 14. This ones a bit more vague but It seems Tesla is continuing to loose strength and no real sign the down trend will stop, but time will tell. I think its interesting that this is the first time its passed below the anchored vwap this whole downtrend, keeping that in mind, need to keep a close eye on Tesla to see if it rebounds back to anchored Vwap. If it has strength it may pass through anchored Vwap and break the down trend the short is off. But if this week it will continue down, I will feel more confident in the short and build up my position. Im really keeping an eye on that 368 support level. As observed previously that severed as a nice spot for TSLA to rebound after a massive self off. How will it react to this price level a second time? Only time will tell, but thats what I will be looking for.
Overall, I feel TSLA is showing weakness and is a promising position to get short, but maybe not yet. Will need to see how it reacts early in week. Keeping it the back of my mind for that 368 support level, I feel a short in that area has the most edge.
Overall, I feel TSLA is showing weakness and is a promising position to get short, but maybe not yet. Will need to see how it reacts early in week. Keeping it the back of my mind for that 368 support level, I feel a short in that area has the most edge.