Hello Community!
Before we begin please support my idea with a thumbs up and a comment. It'll be greatly appreciated and will motivate me to post a little more!
When looking at TSLA on the Daily TF we can clearly see that it is currently trading a triangle and has successfully bounced off the ascending S/R line. It is currently battling the 55 EMA and looks like it has been rejected. If this rejection continues we can see it test the lower S/R line again forming a double bottom before continuing to rise and attempting to break through the above S/R line. Based on the MACD showing bullish signs and the RSI showing over sold and attempting to move higher, it can make a run to the top without a second retracement but the 55 EMA is very powerful and currently looks like its winning. For you Hodlers this is just a fun game to watch because this company isn't going anywhere soon and in the long run will remain profitable. For you Day/Swing traders you know what you do, place your stops and pick a side. In my opinion, I'm not too sure which way it'll go right now since it's trading in the middle of the triangle but once the market decides then we'll know to go long at the bottom of triangle or short at the top with tight stops.
This is not Financial advice.
Safe Trading Calculate Your Risk/Reward & Collect!
Simplicity Wins
Before we begin please support my idea with a thumbs up and a comment. It'll be greatly appreciated and will motivate me to post a little more!
When looking at TSLA on the Daily TF we can clearly see that it is currently trading a triangle and has successfully bounced off the ascending S/R line. It is currently battling the 55 EMA and looks like it has been rejected. If this rejection continues we can see it test the lower S/R line again forming a double bottom before continuing to rise and attempting to break through the above S/R line. Based on the MACD showing bullish signs and the RSI showing over sold and attempting to move higher, it can make a run to the top without a second retracement but the 55 EMA is very powerful and currently looks like its winning. For you Hodlers this is just a fun game to watch because this company isn't going anywhere soon and in the long run will remain profitable. For you Day/Swing traders you know what you do, place your stops and pick a side. In my opinion, I'm not too sure which way it'll go right now since it's trading in the middle of the triangle but once the market decides then we'll know to go long at the bottom of triangle or short at the top with tight stops.
This is not Financial advice.
Safe Trading Calculate Your Risk/Reward & Collect!
Simplicity Wins