Technical Analysis:
- Tesla(TSLA) is now doing a WXY correction in blue. We expect it to be completed the wave ((2)) in the next 2-4 weeks
- TSLA must find the strong buyers at around HKEX:150 - $155 where we like to buy
- TSLA can't cross the green validation level in order to support higher bounce in wave 3
Tesla Right Side
- H1 right side is turning...
Objective of 950.-975 has been reached and for now we stay out of it.
the chances are we may see little higher further, but would not run after it. Rather we seek sell levels now. I will update you once I feel it makes sense.
Some week back was stopped out near low, and now we have moved up sharply.
We are still within this large ranging box, and I am not willing to commit as yet to a particular direction.
The chart does suggest higher prices, but again, we have had some whipsaw movements and that advises me to stay away for a while.
Got stop-out on this on $ 865 trying to be long, changed my mind :( can happen... that's life they say...
anyway, we did violate downside support $ 885 and again no clear break $ 960 area, but ok wanted to test if it could go higher, and did not... the picture starts looking south once again, but I feel I like to monitor this few days or the week.
Overall we...
We have moved up from the lows, and we are nearing profit levels now. I suggest take profit $ 935-965 and stay on the side lines after.
We got resistance $ 980 and for now let's see how it develops for the coming sessions.
Using Aspen Trading Support & Resistance Levels, a move below 978 is going to break the support and things can get ugly really quickly from that point for TSLA.
The overall market can also get impacted if the 1.2 trillion market cap of TSLA shrinks in size.
Please provide your feedback in comments if you like the analysis.
Note - Aspen Trading S/R levels are...
"SpaceX identified a valve motor on the second stage engine behaving not as expected and determined the safest and most expedient path to launch is to utilize the next second stage in line that was already at the Cape and ready for flight."
Note: All of what I claim below is simply the way I perceive the market. I am not certain nor do I suggest you take my advice without first taking into consideration what I have said. Whatever you do, be critical of what everyone claims. Those who claim certainty in the market tend to get hurt the most.
Observations
Notice how price broke below the major...
