My previous TSLA idea (see related ideas) was bearish and TSLA went down ~16% (over 20% based on yesterday's close, I expected market to be up today, see related SPY idea). My TSLA idea before that (again, see related ideas) was bullish and TSLA went up 54%. Now TSLA looks bullish again based on pitchfork analysis, particularly on weekly chart.
Trade closed: target reached:
TSLA reached the pitchfork middle orange dotted line (on both daily and weekly). That is a point of possible reversal and while it may continue higher, a safe strategy is to exit here.
Comment:
Price is now 207.48 (from 173.49), that's almost 20% up
Trade closed: target reached:
as I said earlier on June 1st, exiting at that point was the safe strategy and TSLA could go higher. It did, now it starts to show stronger patterns of reversal, see the red circled pitchfork lines. There is a little of upper room on both daily and weekly charts but TSLA is getting closer to stronger pitchfork resistance lines. Price is now $248.
Comment:
additional comments: on weekly the price already reached one of the pitchfork lines but there is a 2nd one close, a little higher. Additionally, RSI on weekly also reached a resistance pitchfork line.
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at this price (248) the profit is about 43%.
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See also my bearish SPY idea I posted earlier today:
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I posted a bearish TSLA idea, I expect TSLA will now fall (along with the market in general, I posted other bearish ideas as well). TSLA is now 260.54.
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TSLA reached the very top pitchfork line on both daily and weekly chart and now I do expect it will now fall
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