$700-720
$656 & $600
Once again we have been rejected at that 720-700 range.
The two price points 656 600 as seen on the chart serve as two tested support levels at which TSLA can bounce off of for a quick move up.
*the thing to watch for*
C O N F I R M I N G
the direction... as we can see TSLA has previously dipped down below that green zone and entered the red.
SO, the way i will be looking at this will be to watch the first support level, for not only consolidation (bear flags do exist and jumping into consolidation is a quick way to hold a bag of poo)
but to look for buyers to come in and push TSLA from that first resistance.
IF it doesn't hold then buying long in that red zone (preferably towards the bottom support) will be an even stronger area for a move up.
**do keep in mind, that stocks don't HAVE to move up...TSLA technically has made higher lows on 4h chart but it hasn't made higher highs...so the opportunity for downward pressure still exists.
*** LAST THING***
an initial bouce off the green line (650s) doesn't mean that it will just fly back to 700 ... $670s level would be one that i'd watch for, and ultimately the smart move would be to catch the IV spike from buyers coming in and letting them hold the bag while you sell the hype and collect the T E N D I E S.
good luck all. Always take profits, and have an exit point that is Technical based.
$656 & $600
Once again we have been rejected at that 720-700 range.
The two price points 656 600 as seen on the chart serve as two tested support levels at which TSLA can bounce off of for a quick move up.
*the thing to watch for*
C O N F I R M I N G
the direction... as we can see TSLA has previously dipped down below that green zone and entered the red.
SO, the way i will be looking at this will be to watch the first support level, for not only consolidation (bear flags do exist and jumping into consolidation is a quick way to hold a bag of poo)
but to look for buyers to come in and push TSLA from that first resistance.
IF it doesn't hold then buying long in that red zone (preferably towards the bottom support) will be an even stronger area for a move up.
**do keep in mind, that stocks don't HAVE to move up...TSLA technically has made higher lows on 4h chart but it hasn't made higher highs...so the opportunity for downward pressure still exists.
*** LAST THING***
an initial bouce off the green line (650s) doesn't mean that it will just fly back to 700 ... $670s level would be one that i'd watch for, and ultimately the smart move would be to catch the IV spike from buyers coming in and letting them hold the bag while you sell the hype and collect the T E N D I E S.
good luck all. Always take profits, and have an exit point that is Technical based.