TeslaLong
$TSLA bounce here
Whats up everyone, first time posting here. Had to get confident enough to pretend like I know what I am talking about. 🤪
So Tesla has been on a continuous downtrend since its last peak of $850-885. Many factors have played into this; including Elon Musks negative tweets on (Bitcion/Doge) overall the crypto space, and due to precious materials like lithium and the data chips inflating due to less supply... This In my opinion dropped the price, with the help of downtrend pressure, bad news just adds as a catalyst.
As of June 10th, Elon is about to surprise his awaiting investors/customers with the new car trim "Plaid" this with the addition of weekly support both vertical and horizontal on the (W) chart (red colored lines), can be a juicy catalyst setup for a good bull rally.
I am personally longing 2 contract calls expiring next Friday the 18th. What signaled me to buy in was rejection of both the weekly uptrend being used as support still and the fact that the 50 EMA was used as support as well.
Now personally I've noticed in my years of studying, that Weekly and Daily have to sing to each other and be tuned perfectly for a breakout of either side from PA if not it will range which can be way worse than just being wrong on a trend trade. As you see, Daily uptrend/downtrend are in orange, and currently we have broken out of the short term downtrend and now made a new short term uptrend. Daily has also taken back EMA 8 20 and 50 showing short term uptrend has strong momentum along with the MACD flipping green I believe we might have some space for more upside movement.
My entry for my options currently are @ $599 strike, my SL will be if any Daily lands under $590 and my TP is the 200 EMA for the (D) $635+ which on the (W) chart shows it is currently the 20 EMA and the top range of the downtrend.
This is not financial advice, just my TA on my bias for Tesla🦬
âť—IMPORTANTâť—
(W) Red Lines
(D) Orange Lines
(EMA 8) Blue
(EMA 20) Green
(EMA 50) Yellow
(EMA 200) Red
If you understood my TA and liked it, please give me a fat thumb and drop a comment, would really give me insight on how I'm doing, and it would really help me out alot by adding to my strategy. Markets are consistently changing its behavior so learning is abundant in this sector!
So Tesla has been on a continuous downtrend since its last peak of $850-885. Many factors have played into this; including Elon Musks negative tweets on (Bitcion/Doge) overall the crypto space, and due to precious materials like lithium and the data chips inflating due to less supply... This In my opinion dropped the price, with the help of downtrend pressure, bad news just adds as a catalyst.
As of June 10th, Elon is about to surprise his awaiting investors/customers with the new car trim "Plaid" this with the addition of weekly support both vertical and horizontal on the (W) chart (red colored lines), can be a juicy catalyst setup for a good bull rally.
I am personally longing 2 contract calls expiring next Friday the 18th. What signaled me to buy in was rejection of both the weekly uptrend being used as support still and the fact that the 50 EMA was used as support as well.
Now personally I've noticed in my years of studying, that Weekly and Daily have to sing to each other and be tuned perfectly for a breakout of either side from PA if not it will range which can be way worse than just being wrong on a trend trade. As you see, Daily uptrend/downtrend are in orange, and currently we have broken out of the short term downtrend and now made a new short term uptrend. Daily has also taken back EMA 8 20 and 50 showing short term uptrend has strong momentum along with the MACD flipping green I believe we might have some space for more upside movement.
My entry for my options currently are @ $599 strike, my SL will be if any Daily lands under $590 and my TP is the 200 EMA for the (D) $635+ which on the (W) chart shows it is currently the 20 EMA and the top range of the downtrend.
This is not financial advice, just my TA on my bias for Tesla🦬
âť—IMPORTANTâť—
(W) Red Lines
(D) Orange Lines
(EMA 8) Blue
(EMA 20) Green
(EMA 50) Yellow
(EMA 200) Red
If you understood my TA and liked it, please give me a fat thumb and drop a comment, would really give me insight on how I'm doing, and it would really help me out alot by adding to my strategy. Markets are consistently changing its behavior so learning is abundant in this sector!
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