Juliac

TSLA - Time to nibble!

Long
Juliac Updated   
NASDAQ:TSLA   Tesla
Plunged 26% in just 2 days (due to overall market sell off due to an extremely overbought situation). With strong supports (both horizontal and 61.8% fib) at 359-360, TSLA fell to 372 (just $12 shy) before staging a rebound. Time to nibble on the way back up! With initial SL @ 355 but safe to start trailing stops up as it goes higher by next week.

p/s decision is made in view of overall market situation with S&P and NQ bouncing off rather significant supports

Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
Comment:
With the news that TSLA was not going to make the cut to join S&P (for reasons unknown) after market close on Friday, TSLA quickly tumbled post market to 391 (about 4.9% drop from the official close). Ouch. However, I will still be watching the strong support at 360. Only when this level is breached then I would question if the larger trend is no longer up.
Comment:
Smashed down way below my stop @ 360 yesterday to close 330. The bears won yesterday. However we now have bullish divergence between price and RSI / Stochastic. The worst is likely over for now with 330 as immediate support.
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