Confirmation: pending (variable)
Invalidation: $189.02
Type of Trade: Countercyclical (EMA50 below EMA200)
Target: 360.59
TF: 4HR
Leverage: 1x
Pattern: 1) falling wedge reversal breakdown with 2) weekly flag breakdown on 3) major support line.
PS. Below $189 the chart will turn terribly bearish, so be cautious longing from this support region. I'd say the trade to the upside will be confirmed by a candle close above the downtrend line (thick grey line), but the price will depend on the timing of the swing - the longer it takes, the lower the confirmation will be.
PPS. Many analysts are currently turning hard bearish calling for $10 stock price. To me this is a bit of a long signal so I am willing to take the risk that accompanies countercyclical trades. That being said, Tesla fundamentals are shaky but that also means the company has room to bring things back into shape and for the stock to swing before things really get ugly and Tesla faces the next huge bond payment.
Invalidation: $189.02
Type of Trade: Countercyclical (EMA50 below EMA200)
Target: 360.59
TF: 4HR
Leverage: 1x
Pattern: 1) falling wedge reversal breakdown with 2) weekly flag breakdown on 3) major support line.
PS. Below $189 the chart will turn terribly bearish, so be cautious longing from this support region. I'd say the trade to the upside will be confirmed by a candle close above the downtrend line (thick grey line), but the price will depend on the timing of the swing - the longer it takes, the lower the confirmation will be.
PPS. Many analysts are currently turning hard bearish calling for $10 stock price. To me this is a bit of a long signal so I am willing to take the risk that accompanies countercyclical trades. That being said, Tesla fundamentals are shaky but that also means the company has room to bring things back into shape and for the stock to swing before things really get ugly and Tesla faces the next huge bond payment.
Trade active:
Kissed the support level
Comment:
Ah, there's the reversal.
Bounced off the weekly support
