Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
📉 TESLA has been overall bearish trading inside the falling red channel, and it is currently retesting the lower red trendline.
Moreover, the zone 55 - 70 is a strong demand zone.
📊 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green demand zone and lower red trendline. (acting as non-horizontal support)
📕 As per my trading style: As TESLA approaches the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
Hello master, I would think the demand zone would at 100$ and not as low as 70$. We do see previous buying at the 100$ level am wonder what made you pick the lower level of 70$?
TheSignalyst
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@newat, yes the 100 is also a strong round number. and it is also a demand but not as strong as the 70 as it is the start of the bullish move
FLASHGORDON10
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Nice work as always. I think a bounce at 90-93 then back up to fill the gap at 119-123 so we have a proper ABC BUT then yes down to $60.
of 70$?