TSLA will face a really strong resistance soon. Is it able to defeat the resistance? Watch carefully.
Descending trend line, 50 % Retracement of last drop and Kumo flat of Ichimoku system have made a strong alliance to push the TSLA back down. Moreover stochastic indicator is in overbought zone in daily time frame.
It is worth to note that general trend of TSLA is down going.
Please note that we need a bearish sign in every proposed resistance to go short. We do not go short without a bearish movement.
My Recommendations: 1- For those who already have shares: Watch the reaction to proposed resistance carefully. 2. For those who want to go long : It is too risky now, Calculate your Reward/ Risk carefully and stick to your predefined stop loss objectively.
Good luck my friends.
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It seems TSLA defeated the proposed resistance strongly. Now lets see how it faces next resistance zone 692-715. We always trade in the direction of momentum which means we do not go short when momentum is bullish and vice versa.
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@Moshkelgosha. I noticed tonight ( by a very useful publication of a respectful trader) that TSLA is still fighting with down trend line if using logarithmic scale. Change the scale of the chart to log scale to see the difference nicely.
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TSLA faced problem with down trend line in logarithmic scale. Be careful my friends.
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TSLA obviously escaped from down trend line . Is it able to reach to 0.786 retracement at 827 USD to form very complicated wave B? It is certainly possible. Lets follow.
@Moshkelgosha I noticed tonight ( by a very useful publication of a respectful trader) that TSLA is still fighting with down trend line if using logarithmic scale. Change the scale of the chart to log scale to see the difference nicely.
noragrets1
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Gapped right above the line. legggo
SaeedSajedi
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@noragrets1, True, Thats why I emphasized that we do not go short without a bearish sign.
I noticed tonight ( by a very useful publication of a respectful trader) that TSLA is still fighting with down trend line if using logarithmic scale. Change the scale of the chart to log scale to see the difference nicely.