Tesla Consolidation
I am neutral at the moment on Tesla but overall I am bullish on it medium-term as much momentum has been regained since its correction all the way down to $539.
The area of interest for me will be the $700 price level. A breakout and confirmed weekly close above this price would be the next signal for a long on TSLA.
On the flipside, a pull back could be in store for the asset back down to the 21 moving average since it appears that the price was aggressively rejected at the $700 price.
So to reiterate, we are waiting on a breakout and confirmation of the $700 level before taking an entry. If you got in at the sub $600 levels, congrats. You may want to consider taking some profits and looking to possibly add to your position again should we drop or breakout above $700.
The area of interest for me will be the $700 price level. A breakout and confirmed weekly close above this price would be the next signal for a long on TSLA.
On the flipside, a pull back could be in store for the asset back down to the 21 moving average since it appears that the price was aggressively rejected at the $700 price.
So to reiterate, we are waiting on a breakout and confirmation of the $700 level before taking an entry. If you got in at the sub $600 levels, congrats. You may want to consider taking some profits and looking to possibly add to your position again should we drop or breakout above $700.
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