clevernamegoeshere
Long

TSLA - long on falling wedge

NASDAQ:TSLA   TESLA MTRS INC
297 2 1
Once again, we've got one of my favorite patterns coming to an apex on a high-beta name. At first glance, this looks like a it might be a descending triangle with the base at 192.87, but there's no descent to make this a continuation pattern.

I'd look for an upside late this week. If we break and hold below 184.10, the pattern is invalidated and there will be a big short to ~170. We're risking ~4% for as much as 19%. First target is 216, second is 230.
Again, super-bullish market led to an early breakout. We closed above the 217.95 resistance level (not shown on this chart), so we're probably going to 230 this week--possibly today, if there's enough momentum in the market at large to continue to carry the high-beta names.
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clevernamegoeshere clevernamegoeshere
2 years ago
We have descending resistance at ~220 (also not shown on this chart). If we break and hold above 221 today, we'll go ahead up to 230. Otherwise, that ascending resistance can be considered a bear flag and expect a major breakout at next earnings.
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