TSLA descending widening channel MEGAPHONE SHORT

TSLA

TSLA on the daily chart has a megaphone pattern showing increasing volatility as the price action is downward.

Supportive and resistance trendlines are touched multiple times. At present, the price is also at a horizontal S/R line being the 2021 year high.

Another horizontal line is the double bottom of Spring 2021 forming a support zone.

My analysis is that TLSA will downtrend from here heading down until the mid-Fibonacci

retracement levels and perhaps further to support zone at 188-208 and potentially lower

if short sellers aggressively gain directional momentum.


I have taken an out-of-the-money put option with a strike of $ 200 for October 21st mindful of the earnings date.

Trade active:

TSLA down by 3% at the lunch session. the bear ETF - TSLQ is uptrending as the inverse,

Comment:

TSLA down to finish out the week. Puts for 9/16 are up as is the bear ETF-

Nothing to suggest a reversal of the downtrend right now