Greetings,
I remain bullish on TSLA towards the $860 target. This analysis focuses on the 2hr chart.
My bull thesis for TSLA:
Alternatively, TSLA could retrace to the 68.2% retracement area at $686. If TSLA falls below $620 support, my bull thesis is invalid.
Happy Trading!
I remain bullish on TSLA towards the $860 target. This analysis focuses on the 2hr chart.
My bull thesis for TSLA:
- Cup & Handle pattern formed on the 2h chart. I anticipated a retracement to the $700 area, forming the handle of the cup pattern last week (see idea link below).
- Inverted H&S pattern formed on the 2h chart.
- Price is at 50% retracement from the $792 high on 2 June, which is also a 4h support (demand) zone.
- TSLA will close the $760 gap in the future.
- Friday's price action was news driven (emotional) IMHO. RSI went nearly vertical, then horizontal as price consolidated around $700.
Alternatively, TSLA could retrace to the 68.2% retracement area at $686. If TSLA falls below $620 support, my bull thesis is invalid.
Happy Trading!
Comment:
Bullish consolidation on the daily candle. Looking for upward breakout this week. Option flow was bearish for small retail, retail, and professionals. However, institutional option flow was bullish, especially for options that close this week.
