TSLA close analysis 6/20/2023
Updated
TSLA finally broke out of the prior gap zone on the second candle today! This gives easy way to the 290 zone.
My gut on a stop for refuel (oscillator arrow) continues to look correct and most importantly, healthy. I expect the 259 level to be great support at this point.
I still think that sniper entries and day trades (0dte) are the best way to approach trading TSLA as it continues to top out here.
Alternatively, the pause we just had with a subsequent level retest at 259-260 could make for a swing entry with invalidation below the open gap at 242. The problem with this is that it's really only a 1:1 risk/reward trade (potential idea shown on chart). If you think this can go a lot higher than 289, say for example 320, then you're talking a 1:2RR trade and perfectly acceptable.
I don't think we have the steam to get to 320. But who knows. It's been quite the run so far and there's nothing saying "stop" yet.
TLDR: long only sniper day trade entries for the time being targeting max TP zone of 289 until I post again.
My gut on a stop for refuel (oscillator arrow) continues to look correct and most importantly, healthy. I expect the 259 level to be great support at this point.
I still think that sniper entries and day trades (0dte) are the best way to approach trading TSLA as it continues to top out here.
Alternatively, the pause we just had with a subsequent level retest at 259-260 could make for a swing entry with invalidation below the open gap at 242. The problem with this is that it's really only a 1:1 risk/reward trade (potential idea shown on chart). If you think this can go a lot higher than 289, say for example 320, then you're talking a 1:2RR trade and perfectly acceptable.
I don't think we have the steam to get to 320. But who knows. It's been quite the run so far and there's nothing saying "stop" yet.
TLDR: long only sniper day trade entries for the time being targeting max TP zone of 289 until I post again.
Trade active
If you wanted that pullback long entry with modest RR, it is here and now... Trade closed: target reached
The initial trade idea and target outlined here has been reached.
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