timwest

Tesla TSLA Daily Downside Target Reached & Upside Resist Tested

NASDAQ:TSLA   TESLA MTRS INC
503 5 16
The best case scenario for this trade happened for everyone to see.

A nice sell signal from 10-days ago which reached its target. This chart is unchanged from the last publication.

Tesla             fell to the downside target and then for the brave, you get long at the downside target and then shoot for a rally back to the consolidation (10-days labeled with a purple line) and exit. Then if you are really brave, you go short, but in this case the time has expired for the down move since it has been 10-days since TSLA             broke away from the 10-day mode labeled.

So, now we wait for another pattern to develop and walk away to trade another day.

Over the longer term, I would imagine that TSLA             just builds time up here between $260 and $180 as revenues build and as the market begins to anticipate the production of the next Model-X SUV. We can also see if the demand for Model-S tails off or whether it maintains a plateau. Either way, there isn't much fundamental justification for the current valuation of $30+ billion and with earnings 41 days away (thanks for that helpful info TradingView from the details menu), there is plenty of time to work sideways.

If you have to trade this stock for a living (forced to trade it), then I have some other strategies to employ.

All the best and wishing us more good trades for 2014.

Tim 2:30PM EST, Thursday April 3, 2014 223.38 last -6.90 today
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I've been short from 230 with trade at BE now, targeting 190... Same levels to long from with target 280. Used your same approach of highs and retracements but with volume for analysis.
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timwest PRO justatrader
2 years ago
How are you seeing TSLA now?
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timwest PRO
2 years ago
I added a chart on TSLA to include support and resistance examples from previous earnings release dates. Check that out when you get a chance.
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TSLA shorts locked in @ 225 stops ... Still holding on to the short trade :)
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2use
2 years ago
Supports proved to be correctly identified, liked and followed this chart. Nice work yet again!
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