TSLA's Fight the Falling Resistance 🧠Rejection or Breakout
Dear Esteemed Members,
TSLA is mostly bearish within the resistance of the red triangle. As long as it remains below the trendline, bears can enjoy better risk-reward ratios. Some traders wait out the price's rejection at the falling line to open their short positions. Others wait for a confirmed breakout through the resistance to open a long position. Now, both sides have a significant chance because the pattern is usually bearish, but TSLA reclaimed the EMAs in a convincing manner. I've got a short, but I opened it above the resistance. So, I can close it in profit at the resistance. I wouldn't open a new short until I see the price action around the trendline. The white arrows mark the scenarios I mentioned. I also placed two positions on the chart that one could make depending on TSLA's behavior around the falling level.
Disclaimer:
It's not an investment advice. My analytics serve only entertainment purposes. Do your research. Historic results don't guarantee future outcomes.
Kind regards,
Ely
TSLA is mostly bearish within the resistance of the red triangle. As long as it remains below the trendline, bears can enjoy better risk-reward ratios. Some traders wait out the price's rejection at the falling line to open their short positions. Others wait for a confirmed breakout through the resistance to open a long position. Now, both sides have a significant chance because the pattern is usually bearish, but TSLA reclaimed the EMAs in a convincing manner. I've got a short, but I opened it above the resistance. So, I can close it in profit at the resistance. I wouldn't open a new short until I see the price action around the trendline. The white arrows mark the scenarios I mentioned. I also placed two positions on the chart that one could make depending on TSLA's behavior around the falling level.
Disclaimer:
It's not an investment advice. My analytics serve only entertainment purposes. Do your research. Historic results don't guarantee future outcomes.
Kind regards,
Ely
Trade closed: target reached:
TSLA hit the $254 target from the video. 🤑 I would be grateful if you made money. I secured the ROI from that position with a trial profit, but I believe TSLA could go higher, like $268. A level I hope the price could trail up. If not, I'll accept and be satisfied with this position's profit.