justatrader

Tesla Motors - Now trading close to the 'zone'

NASDAQ:TSLA   TESLA MTRS INC
174 3 1
Follow up to previous analysis Tesla             motors is at a nice level that is certain to attract both bulls and bears. Please read notes on the previous chart to gain context.

Full story (if you like a nice story) here -> http://t.co/claKseKaas

Expect some profit taking from shorts towards EOD             .
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
2use
2 years ago
I like that the solid part of the yesterdays bar is so within the area noted :)
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Yep.. Now is the time to keep an eye out on volumes. A common price action I see is that price usually rallies from these levels (but on low volume) only to fall back. I suspect, most traders would go long on seeing such rally only it is short lived. In terms of downward pressure, 19/2 red candle was on 16.42M. Y'days candle closed on volume of 13.67M. Last time, price left this zone it was on 18M... so unless volume today is higher than 18 and a bullish sentiment candle (Long spread with a good bullish body) it would be risky to go long immediately. Last time a fake rally happened, it was on avg. vol of 8 or 9M. Rally was capped at 235 @ 11Mn. Let Tesla chop around for a bit. Volume will likely hold key and the earnings in 2nd week of May.
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2use justatrader
2 years ago
yeah and i was one of the guys that actually added a bit on that 235. It was a bet, but a bad one.
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