today TSLA recovered from the post-split drop - hit and slightly exceeded the split price ($442.7)
and that's a good sign so far.
Not clear where we go from here but if we can maintain that momentum (scenario 1), it's possible TSLA's price action continues to respect the channel that's been formed since last April (see chart) even with prices now on split-adjusted basis.
Extending that channel into the next few weeks can give us some indication where the price may be - the other scenario (scenario 2) to expect is a sideways move similar to what happened in May after the recovery from the COVID drop.
adding a zoomed-in view for better clarity - still using the 1D
i would say the retail excitement (with strong market makers' push) will continue to provide upside for the longs. so my money is on scenario 1 ... (that's mid/long term)
will hold the long position for now. pls stay safe and trade wisely. IMHO, short term trading a stock like TSLA is super risky.
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How do i read this chart setup
we look at the price action (top chart) and recent key S/R price levels, plus the insights from 3 key elements: momentum, sentiment and buy/sell pressure
- the calculated short-term price momentum is shown by the UTO blue/amber line
- the long term sentiment is represented by the UTO Green/Red area graph - the demand/supply pressure is expressed by the v.viewer green/red area graph - let's call these "the context"
How do i trade this chart setup
- the Basic rule: nothing can predict what happens tomorrow - but if no external catalysts interfere, it's *highly probable* that a price move with strong momentum that's in alignment with the broader context (sentiment and buy/sell pressure) would continue in the same direction (e.g., a breakout).
and that's a good sign so far.
Not clear where we go from here but if we can maintain that momentum (scenario 1), it's possible TSLA's price action continues to respect the channel that's been formed since last April (see chart) even with prices now on split-adjusted basis.
Extending that channel into the next few weeks can give us some indication where the price may be - the other scenario (scenario 2) to expect is a sideways move similar to what happened in May after the recovery from the COVID drop.
adding a zoomed-in view for better clarity - still using the 1D
i would say the retail excitement (with strong market makers' push) will continue to provide upside for the longs. so my money is on scenario 1 ... (that's mid/long term)
will hold the long position for now. pls stay safe and trade wisely. IMHO, short term trading a stock like TSLA is super risky.
-----------------------
How do i read this chart setup
we look at the price action (top chart) and recent key S/R price levels, plus the insights from 3 key elements: momentum, sentiment and buy/sell pressure
- the calculated short-term price momentum is shown by the UTO blue/amber line
- the long term sentiment is represented by the UTO Green/Red area graph - the demand/supply pressure is expressed by the v.viewer green/red area graph - let's call these "the context"
How do i trade this chart setup
- the Basic rule: nothing can predict what happens tomorrow - but if no external catalysts interfere, it's *highly probable* that a price move with strong momentum that's in alignment with the broader context (sentiment and buy/sell pressure) would continue in the same direction (e.g., a breakout).
