Tesla has not been able to get back to its ATH of $900 post split. I want to be Bullish but I am Bearish short-term, I must listen to price action and market conditions and not to my opinion, my opinion doesn't matter. I always ask myself how good are the conditions for investing and measure the level of risk, this is how one keeps Risk at arms length. As traders and investors we only have control of RISK and OURSELVES. Nothing else, everything else is uncertainty and capital in the markets is capital at risk, so we better get compensated for it. Tesla was not able to break its Controlling Pivot Low of $539.29 which would of had TSLA in a downtrend but with plenty of demand near the $500 price area. Not only is $500 a nice psychological round number but there is demand and it was the last major point of imbalance before going "TO THE MOON". Not being able to break that significant Low, bulls pushed it higher, but have not pushed it high enough to be in an uptrend, it is still in a sideways trend. The DMI indicator below proves that TSLA is not in an uptrend and the current rally is weak. I am not Bullish as of now, there are plenty of sellers at the level of confluence around $663. I am a bear at that level. I am playing the shorts once price reaches $663 but I am definitely long once price comes down to $500 area. Market conditions can change and we must adapt to them, by this I mean that the forecast may change and TSLA may never come back to $500. On a weekly chart TSLA was able to create a double bottom but it has NOT been CONFIRMED and must break and close above $780.79 to confirm this weekly double bottom and if this occurs I can change my forecast to a bull and wait for a throwback to join the newly formed uptrend but until this happens I am bearish . There are multiple bullish and bearish scenarios that can happen, always have a Plan A, B, C ... all the way to Z because market conditions change, come with the mentality of, IF this THEN that.
Trade closed: stop reached