Entry price: 868-888$
Target price: 760-780$
Keltner Channels: The price broke the upper boundary.
RSI: approaches 82 level, thus the asset is very overbought.
Conclusions: RSI and Keltner Channels suggest that a trend reversal might occur in the near future. Moreover, the price has approached the strong resistance level, thus the short position is...
Tesla still looks bullish but price action is preparing a big bearish move to the downside, wait for wave 5 to complete to short it, or just go long with it till we near the top.
We have implemented the Wolfe Wave Zero-Lag indicator to Tradingview. Eighty Percent of the Waves that form and display on any time-frame we assume bullish. For example, in the chart on TSLA, there is a Bearish Wolfe Wave marked in red. So we assume a contrarian position and approach this trade as a bullish setup. If price takes out pivot 5 then tsla breaks...
SCION ASSET MANAGEMENT, the hedge fund owned by Michael Burry - the man who bet against the housing market in 2008, if you are too young, you know him from "The Big Short", is now heavily betting against TSLA!
He owns puts on Tesla for 35% of his portfolio, with a market value of $731,017,000!
Besides the strong competition that TSLA has now in the EV sector,...
it is dropping alongside the whole market, yet we might discover a few motivations to not freeze in any event. In the first place, in the 8h graph, we have uptrends and the market is currently bullish notwithstanding the correction made.
As you can see TSLA is forming a rising wedge and I expect it to fall into the red line.
You can enter the trade with targets in the pictures.
*** This is not a financial advice, I'm still a beginner trying to share my Road here.
Overall I've been bullish on this stock however with the markets sentiments going bearish because of the news in China. I am looking at TSLA to hit the 700.00 level which lines up with a major QP zone. We could also see further bearish sentiment down to the 638.00 levels.
I called out numerous cases of bearish TSLA divergence last week. Tesla melted up regardless, but the bear divergence still applies. We can see MacD, TRIX and RSI all displaying a triple top pattern. Selloff on Friday 9/10 was all the confirmation I needed. I expect to see TSLA pullback to the 695/700 ascending support zone.
Tesla recently broke out of the $690 resistance and there is a large sell wall at $750. Take profit area is first at $740 then $750. There is also a short opportunity here if Tesla breaks to the downside. Watch for a $709 downward break to go short. Volume has slowed down in recent days and plenty of catalysts coming tomorrow (Jobs, unemployment, anything Musk...
On the weekly for tesla, we are seeing a trend shift on the trend bricks and all 3 trend meters. This is a good confirmation for an entry on a short position.
We will have a 3-day close also in the red.
I would look for an entry on a weekly close confirmation.
Great long-term potential setup.