It was a good trading opportunity for buying Tesla shares when the price bounced from the support zone. RSI confirmed the price reversal. MACD supported the further upward movement.
The market moved upward, and now it's not far from possible resistance zone formed by lines and level. They are SMA50, the downtrend line and 300.00 resistance level. This zone will be able to stop the market and push it down to the previous lows. If so, new reversals from 250.00 support will be good for buying, as it is the local bottom for the market.
But what if the price can pass through the resistance zone? If so, it will confirm that buyers have power for pushing the market higher. The long positions can be opened based on the breakout signals above the downtrend line and 300.00 resistance. Stop orders for such long positions should be placed below the local swing lows and profit targets should be at the higher resistance levels.
The market moved upward, and now it's not far from possible resistance zone formed by lines and level. They are SMA50, the downtrend line and 300.00 resistance level. This zone will be able to stop the market and push it down to the previous lows. If so, new reversals from 250.00 support will be good for buying, as it is the local bottom for the market.
But what if the price can pass through the resistance zone? If so, it will confirm that buyers have power for pushing the market higher. The long positions can be opened based on the breakout signals above the downtrend line and 300.00 resistance. Stop orders for such long positions should be placed below the local swing lows and profit targets should be at the higher resistance levels.
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