amishra36
Short

TSLA Medium Term Short - Next leg down from the bearish trend

NASDAQ:TSLA   TESLA INC
TSLA ( Tesla             ) Short



Here's a setup of a TSLA             short that I've initiated on Friday. Looking at the Fibonacci retracement lines, it has struggled to breakout of the 38.2% line after it's initial denial at the 23.6% line. Recently, there has been a breakout from the 38.2% region due to a strong market, despite negative Tesla             stories as of late. Similarly, price has had difficulty breaking above the 200sma, which it broke just as of late. However, the main bearish trend line , top one in blue, is acting as strong resistance. Tesla             closed once again at the 38.2% line, looking to make a reversal here and head back to low 200s. Unless there is a breakout of the top trendline , I expect another leg down push, hopefully into the low 200s/high 100s region.

This is a purely technical-based short setup but is very influenced by Tesla             news. Musk has yet to release his master plan which he had mentioned this past week. Any evidence of a breakout of the blue line would be a good place to cover a short position.
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