TeslaShort
Has TSLA started its down trend.?
Updated
Overview:-
On a daily basis stock is slightly above 8EMA.
On a weekly basis the price is below the 10 Week SMA which suggest downtrend until price closes above $256 on weekly basis. You can also notice that price is at top of downtrend channel. This channel acted as resistance ever since Nov 2021.
On Monthly view(not posted here) if you look at Previous two candles we notice a spindle(July) followed by hanging man (August) and September started below the August close. So IMO Monthly suggest a downtrend until price closes above $256.
Summary:- From a risk/reward basis, it looks like the stock favors shorts as long as price stays below $256. If the downtrend continues price might find support at $185-193.
Note
TSLA has not closed decisively above 256 longs and shorts need to tighten stop and manage risk.
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.