mhirama
Short

Technical Analysis: TSLA Short Opportunity 26MAR - 1APR

NASDAQ:TSLA   TESLA MTRS INC
91 0 0
Trade idea: Enter short at ~203.5-205.5 on bearish candle pattern in Red Box Killzone.

Stop-loss: 210

Target Profit #1: 194

Comments: Convergence of strong support and resistance level that has been relevant from June of 2014 to just last week and a trendline with 4 nearly pip-perfect touches and one close approach makes the red “killzone” a very interesting area. Volume is slightly elevated in the most recent downward pattern. Adding to the equation a very clear long-term bearish trend makes a bounce off the killzone a high probability trade. Downside is the risk-reward ratio of 1:2 which is just ok. Significant support level at 193 will cause price to stall and possibly retrace to the trendline.
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