TeslaLong
Trading The Channel
Updated
Tesla is in a strong downtrend since hitting its ATH $1245
We are currently down 26% down since ATH
$900 is a very stong key level and seen a nice gap breaking out
We are getting close to $900 and plan to go long on the bounce and see a nice breakout from the strong downtrend channel
I am also see strong divergence on the RSI indicating selling power is getting weak and a reversal is near
$986 is the next resistance zone which is a nice 10% move from the $900 entry level
Take note of the lower trendline - the trend line has been respected since $600 we could see a retest leading into a short position
Entry: $901
TP: 986
We are currently down 26% down since ATH
$900 is a very stong key level and seen a nice gap breaking out
We are getting close to $900 and plan to go long on the bounce and see a nice breakout from the strong downtrend channel
I am also see strong divergence on the RSI indicating selling power is getting weak and a reversal is near
$986 is the next resistance zone which is a nice 10% move from the $900 entry level
Take note of the lower trendline - the trend line has been respected since $600 we could see a retest leading into a short position
Entry: $901
TP: 986
Note
*correction - downtrend has been respect since $600
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