Trend Analysis
The main view of this trade idea is on the 2-Hour Chart. The stock Tesla, Inc (TSLA) is channeling higher towards resistance at 880. The channel with the resistance around 880 looks like an ascending triangle setup. If TSLA breaks above 880, it can go as higher as 1200. If resistance holds and TSLA declines, failure of the pattern would occur if TSLA declines towards 700.
Technical Indicators
In the upward trend channel, TSLA is trading above its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. The RSI and the KST complements the trend as the RSI is above 50 and the KST recently had a positive crossover.
Recommendation
The recommendation will be to go long at market, with a stop loss at 700 and a target of 1200. This produces a risk/reward ratio of 3.45.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes.
The main view of this trade idea is on the 2-Hour Chart. The stock Tesla, Inc (TSLA) is channeling higher towards resistance at 880. The channel with the resistance around 880 looks like an ascending triangle setup. If TSLA breaks above 880, it can go as higher as 1200. If resistance holds and TSLA declines, failure of the pattern would occur if TSLA declines towards 700.
Technical Indicators
In the upward trend channel, TSLA is trading above its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. The RSI and the KST complements the trend as the RSI is above 50 and the KST recently had a positive crossover.
Recommendation
The recommendation will be to go long at market, with a stop loss at 700 and a target of 1200. This produces a risk/reward ratio of 3.45.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes.