TSLA is currently consolidating within a pennant on the weekly. Market sentiment suggests possible bearish move below the pennant but with the way the market has been fluctuating, it is more important to wait for a clear breakout of this pennant into either direction. Last week was a bearish week for TSLA. It ended with TSLA showing some rejection of the 50 MA as a support. Going into the upcoming week, watch for a bounce back to the top side of the pennant or continued bearishness with a break and hold below the 50 MA at weeks end.
Trade Idea:
If breakout is above the pennant, look for TSLA to retest high @ 1243.49. If breakout is below, look for TSLA to make a move down towards the 200 MA for a possible support bounce near the demand zone @ the low of 546.98. Being that this is the weekly chart, this would work best as a LEAPS play once the opportunity finally presents itself. In the mean time, there are some great trade opportunities as price move within this triangle. Trade accordingly and safely.
Disclaimer: This is not financial advice as I am not a financial advisor. DO NOT blindly follow anyone and leverage money that you cannot afford to lose without proper knowledge to back your decision making.
Trade Idea:
If breakout is above the pennant, look for TSLA to retest high @ 1243.49. If breakout is below, look for TSLA to make a move down towards the 200 MA for a possible support bounce near the demand zone @ the low of 546.98. Being that this is the weekly chart, this would work best as a LEAPS play once the opportunity finally presents itself. In the mean time, there are some great trade opportunities as price move within this triangle. Trade accordingly and safely.
Disclaimer: This is not financial advice as I am not a financial advisor. DO NOT blindly follow anyone and leverage money that you cannot afford to lose without proper knowledge to back your decision making.
Dennis Butler Jr.