TSLA STOCK: Bounching around a long OTE

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A look at TSLA             fundamentals shows light at the end of the tunnel. TSLA             published its first ever profit on Wednesday increasing the stock price by just under $10.

The technicals display a strong support around $190-$195. After 18 months of correction from the late 2014 high of $285; there was a strong bounce off the 0.5 fib to the resistance level at $265. The falling wedge that has occurred in the price action subsequently has narrowed the rang towards the confirmed support.

Indicators are also positive. The OBV levels also illustrate a even stronger falling wedge which, on expected breakup, would catapult the volume - and price will follow. The RSI has developed into a triangle, that once broken will show even more strength in price.

Imo TSLA             looks primed for a long position, with a stop at $188 and T1 sitting on the resistance at $262. The R/R is 3.79 and we're looking at a near 30% rise on the upside.

Happy trading!
matt.sulli42 PRO
5 months ago
Hey man. I'm a TSLA bear, but I like how you explained your idea. I would have just explained it over a shorter period (i.e last 12months) I'm just curious, what would be your ideal entry/exit price? When I started trading, TSLA was around 216-226...since then, well...I would call 216 to be current short term resistance and 195-203 (give or take) to be support. Also, wouldn't the impulse wave prior to your a wave have a 4th wave that dips into wave 1? Best, Matt
cajimbi matt.sulli42
5 months ago
Hi mate, I appreciate your feedback. I'm eyeing this up for a long term trade - hopefully over the next 3 months, but maybe even longer.

My ideal entry position is around the current area, if it was to cement the support one more time that would be a perfect entry point for me. My take profit around the $260 area unless there's a strong break of the resistance, or beforehand if there's signs of real weakness. I'd be also adding to my position as soon as the wedge is broken to the upside.

Re the previous impulse wave: I tend to use elliott wave as a guideline but not as gospel, especially in the stock market - seeing as certain news events may overstretch the price momentarly. As long as TSLA stays above the support line, I'm feel confident buying with a stop under the support.

Hope this helps mate!
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