Tesla RSI reached previous bottoms both on daily and weekly charts (on weekly both for the RSI and it's MA, the yellow line). Further, on the daily chart, the tops of the RSI are trending up and bottoms of the RSI's MA are trending up (both in a divergence with the price). These are all indications that a reversal is about to happen and, given the convergence of signals and the longer term, weekly chart patterns), it's likely that the up trend will be a more significant one.
Trade closed manually
on weekly chart the RSI got both to the resistance purple trend line and horizontal line (blue) indicating a possible upcoming fall in the price. Note
on daily RSI reached almost 80 and the MA (the yellow line) almost 70, which, again indicate a possible fall of the price. Price is now 212.11 (214 the high for today). Note
from 137.80 (the original price when I posted idea) to 212.11 (the price when I posted the update above) it's about 54% profit.
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Join free discord.gg/wDTkRnS or t.me/TradersForecast
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.