Tesla (TSLA): Potential short swing trade
Tesla's share price has made a mediocre attempt to rise above $180, yet Friday's bearish engulfing / outside day seems to have different plans. The fact the candle occurred on high volume following a bearish RSI divergence suggests it may have reached (or is close to) a swing high. Furthermore, the reversal candle has formed around the monthly pivot, 61.8% Fibonacci ratio and 50-day EMA and just beneath the 100-day EMA.
- Bears could fade into moves within Friday's rally to anticipate a break of last week's low
- Alternatively, wait for a break of last week's low to assume bearish continuation
- The lows just above 150 make a viable target for bears, with the potential for it to close the gap or test the monthly S1 pivot
- Bears could fade into moves within Friday's rally to anticipate a break of last week's low
- Alternatively, wait for a break of last week's low to assume bearish continuation
- The lows just above 150 make a viable target for bears, with the potential for it to close the gap or test the monthly S1 pivot
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