Levels mentioned on the chart.
TESLA has been in a downtrend for quite some time now.
The medium term trend still remains down but the recent up moves and bounce back from .61 retracement level accompanied with good volumes suggest an upmove.
Strong medium term resistance zone between 244-246, hence targets are kept below the zone.
By Animesh Vashisht,...
2, 6 rule
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In the markets it hardly matters how good your trading system is..
What matters is if you can count or not.
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It is important to understand that primary trends of stocks, bonds, and commodities are determined by the attitude of investors during unfolding of events in the business cycle. An understanding of the interrelationship of credit, equity, and commodity markets provides a useful framework for identifying major reversals in each.
MARKET MOVEMENTS AND BUSINESS...
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Breadth analysis is one of the most valuable aspects in technical analysis. It introduces a new dimension to analysis, where it reveals the true strength or weakness of the targeted market. Such dimension is not attainable from the standard price and volume chart.
Make no mistake, the downtrend in Facebook is not going anywhere for now.
But aggressive traders can enjoy a short term bounce with a favorable risk/reward ratio.
Price near lower end of channel + circled candle showing clear signs of demand outside channel + previous resistance as target (conservative) makes this a good short term bet.
CMP 134.95 SL 133.10...