Double Top On Tesla - 600 coming

It's time for the big short on TSLA . 1000 resistance is holding and we have yet to test the log-chart bullish trendline since going parabolic. There's good reason to think it fails when we do, but even if we get a bounce, bearish divergence is suggesting momentum is running out. I like a short here, targeting 600 with late March or early April dated puts. Either wait for a daily close below 880 or, perhaps better, buy on a bullish candle as near 1000 as possible. I'd prefer to hedge with a spread rather than place a stop on this trade. The more challenging aspect will be when to take profits. I'm watching the daily 50 sma very closely...other than that, watch for a gap fill and consider taking profits on puts with the intention of buying more on the dead-cat bounce.


Damn well done man! great trade
+1 Reply
People were shorting this when it was trading @ 500
Elon is loved and the speculation is bullish.
Make sure you hedge any short with appropriate options
ZenMode eindon1
@eindon1, looks like he nailed it! great TA on this page.
+1 Reply
Red_Ben ZenMode
@ZenMode, cheers buddy! You see those arrows ;)
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