TSLA forming CUP. On the path to $860?

Greetings All,

I'm bullish on TSLA based on weekly, daily, and hourly charts. This analysis focuses on the 2hr chart.

My bull thesis for TSLA:

• Rising price and rising volume indicate bullish price action.
  
• Cup pattern forming on the 2h chart. A retracement to the $700 area (forming the handle of the cup pattern) is likely, based on bearish divergence and strong resistance at the 20 EMA.
  
• If TSLA breaks resistance, I'm targeting $860 area based on the depth of the CUP pattern. It would also close the gap created on 9 May.
  

Alternatively, TSLA could:

• consolidate (form a trading range) between resistance and the 38.2, 50, 61.8 levels, OR
  
• consolidate between resistance and support, OR
  
• fully retrace to support, break support, and fall to the $517 support area.
  

Happy Trading!

Comment:

TSLA just complete the handle in the C&H pattern, closed the gap, and bounced from the 38% retracement. Target still in play.

Trade active:

BOT +1 TSLA 100 17 JUN 22 750 CALL @22.20MARK=705.00 IMPL VOL=82.16%

Trade closed manually:

SOLD -1 TSLA 100 17 JUN 22 750 CALL @28.07MARK=724.3217 IMPL VOL=80.95%

$600 profit