Tesla is doing great today! As you guys know, I still have a small position, after I booked my profits from our last trade, so, let's see how this one is doing.
Right now, Tesla is above our target, but it feels like it still has some upside, but I'm not sure how much. The RSI is near 70 in the 30min, but we have an impressive candle in the last minutes of the day. And the 4H chart is just flying.
Here, the RSI is around 58, and this tells us that there's still some upside left. But if it drops below the 618, then the bullish thesis might get ruined.
To sum up, we do have some conflicting signs around, and this is an indicator to reduce positions. I'll keep you guys updated about TSLA, and about my next trade. Soon, we'll have another opportunity around.
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@aveenav, TY for your kindness! I appreciate your support. 😃
bjorn2z
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The reason for the impressive candle at the end of yesterday is a result of the misunderstanding about the impact of new government incentives that were in the news yesterday. Those will help buyers of Tesla cars, not the fundamentals of TSLA. Given the high RSI and the 50 DMA overhead as well the descending line resistance in the 680 range drawn from 900 in Jan and 780 in April, best to be neutral TSLA now and prepare to short near 680. 450/420 is more likely next, than 733.
UnknownUnicorn21312077
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@bjorn2z, If it does a reversal pattern in the 30min, I'll be right there as well.
bjorn2z
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@Melissa_Amana, Did you detect TSLA reversals in the past, and get on the short side of TSLA when it fell USD 300 per share from Feb 2nd to Mar 8th? Or when it fell 200 USD from April 13 to May 19? I have only checked your recent TSLA ideas. I have not checked your older TSLA ideas, nor your non-TSLA ideas. I check many many TSLA ideas of others, short and long. I believe that TSLA fundamentals are weak. I am short TSLA.
UnknownUnicorn21312077
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@bjorn2z, Yes, I did some short trades this year. I'm pretty new on Tradingview, so, you won't find too much. But I did share my last trade.