After TSLA reached 300 last week, it seems like it is running out of steam. For the following reasons, it seems like shorting TSLA here might be a good trade:
1) It got rejected off the top descending trendline.
2) It got rejected off the 0.618 fib level last week.
3) It is about to close under the 0.5 fib level this week.
4) It hasn't retested the 1W MA nor the 1M MA in 10 weeks.
5) The RSI is dropping from the red Bollinger Band, and has a lot of room in order to get back down to the green BB.
Despite positive earnings, TSLA has not been able to regain bullish control.
If we stay below the 0.5 fib level this week, we could see a drop to 223. This corresponds to the 0.382 fib level, and where the 1W MA and the 1M MA will be next week.
This is not financial advice. Do your own due diligence.
1) It got rejected off the top descending trendline.
2) It got rejected off the 0.618 fib level last week.
3) It is about to close under the 0.5 fib level this week.
4) It hasn't retested the 1W MA nor the 1M MA in 10 weeks.
5) The RSI is dropping from the red Bollinger Band, and has a lot of room in order to get back down to the green BB.
Despite positive earnings, TSLA has not been able to regain bullish control.
If we stay below the 0.5 fib level this week, we could see a drop to 223. This corresponds to the 0.382 fib level, and where the 1W MA and the 1M MA will be next week.
This is not financial advice. Do your own due diligence.
Comment:
Target box reached, this would be a good time to take profits!