TSLA has been on the rise from the beginning of the year with a wave of optimism. It bottomed out at 104 and has risen to 218. If you were fortunate enough to get it at that price, perhaps it is time to think about closing your long as the market looks like it will come down again.
1) The Daily RSI is overbought
2) The H4 RSI is overbought
3) There is a lot of H4 RSI divergence
4) The S&P has topped out at around 4180 and heading lower
The reality of another round of rate hikes in March (Perhaps another 0.5%) has also spooked the market. Inflation isn't abating with the last one being at 6.4% which was higher than the Fed and market expected so don't be surprised if we see a few weeks of weak stock market movements.
As for me, I will go short on the stock with stop losses above 245 and aim for the 100 barrier.
1) The Daily RSI is overbought
2) The H4 RSI is overbought
3) There is a lot of H4 RSI divergence
4) The S&P has topped out at around 4180 and heading lower
The reality of another round of rate hikes in March (Perhaps another 0.5%) has also spooked the market. Inflation isn't abating with the last one being at 6.4% which was higher than the Fed and market expected so don't be surprised if we see a few weeks of weak stock market movements.
As for me, I will go short on the stock with stop losses above 245 and aim for the 100 barrier.
Trade active
Sold last night at 205.2. Nice move down to 197 range but this is the beginning. Plan to hold the position for another 30-40 days.
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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.