TSLA Potential Bounce Zone
Updated
Hey gang! I know I just posted a note over the weekend that was pounding the table for getting short tesla, and it turned out to be the right move - the stock had just gone too far in too short a time. While I think this company is still a mess from a financial / fundamental valuation standpoint, I do think the stock could see one final leg higher. The only question then, is to figure out where to be a buyer. I like this name ~380. It's the 50% Fib retracement level from the stock split announcement, and it's also the basis point in the center of the Bollinger band area. Again, I think this has the potential for one final move. Soemthing to have in mind when trading this. Time will tell!
Trade active
My buy order at 380 was hit this morning, and I'm now long TSLA. I don't know how this will play out, and so i'm just waiting and watching carefully for any signs of the second top.Trade closed manually
Closed this trade at the close yesterday around 420. Between this and the short I had on from 510, I'm up like 25% on this name in just a few days, which I'm super happy with. I think it will be a lot of chop for a some time, so I won't be trading it much in the coming weeks unless something crazy happens.
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