Based on the trend-based Fib extension, this could be possibly a near term top in TSLA. Though, I've seen reports of over 800 range, I think there is a much higher risk to reward to take a short position at these levels. I have not fully looked into the volatility ranking of TSLA just yet, but backratio or iron-condors could be viable.
Note that it was a breakout from a wedge, and so it is counter-intuitive to take a contrarian trade here. But I feel this could be a blowoff top (though early to tell). We shall see..
PS: Shorting TSLA certainly ain't for the weak of heart :-) So manage risk accordingly.
Note that it was a breakout from a wedge, and so it is counter-intuitive to take a contrarian trade here. But I feel this could be a blowoff top (though early to tell). We shall see..
PS: Shorting TSLA certainly ain't for the weak of heart :-) So manage risk accordingly.