TSLA possible Bearish Path
Updated
We have formed a bearish Rounding top today after rejecting off the bottom channel of Larger Bearish Ascending Wedge.
Rounding Top measured move: $185-$184 area.
*Rounding Top patterns tend to test the neckline $192-$193.75 & have false bullish breaks -keep an eye on volume with price action
if TSLA breaks through $186 and does not recover quickly, it will become resistance. ( FYI never breaking $186 could setup bullish H&S)
next support will be $176 area with a gap that needs filled at $174.5
possible consolidation & new trading range between $176-$186... H&S pattern created if Neckline @ $176 is broken (also confirming Bearish Flag) (Measured move is to $151 area)
Retest of previous low $163.76 .. next support $155
This is just a "possible path" to fill the gap at the $145 area.
If Market decides to go Bullish then $186 support should hold and set-up for move back to $200's
*I have not done a volume analysis on this theory yet, I will try to confirm or provide contrarian view of this Bearish analysis when I can.
If you have some ideas or analysis to point out- please feel free to comment.
Rounding Top measured move: $185-$184 area.
*Rounding Top patterns tend to test the neckline $192-$193.75 & have false bullish breaks -keep an eye on volume with price action
if TSLA breaks through $186 and does not recover quickly, it will become resistance. ( FYI never breaking $186 could setup bullish H&S)
next support will be $176 area with a gap that needs filled at $174.5
possible consolidation & new trading range between $176-$186... H&S pattern created if Neckline @ $176 is broken (also confirming Bearish Flag) (Measured move is to $151 area)
Retest of previous low $163.76 .. next support $155
This is just a "possible path" to fill the gap at the $145 area.
If Market decides to go Bullish then $186 support should hold and set-up for move back to $200's
*I have not done a volume analysis on this theory yet, I will try to confirm or provide contrarian view of this Bearish analysis when I can.
If you have some ideas or analysis to point out- please feel free to comment.
Note
.KANGAROO Markets! lol Good job Bulls! (sneaky, sneaky.. why fight resistance when you can open above them & trigger small gamma squeeze)Put Call ratio is above 1 - this gives a contrarian edge for the bulls Max pain went from $183 to $190
Bears: I have the P.O.C at $196.37 but strong resistance $197.26 & 200.6....I think that if Bulls can push above $198, this can possibly continue past $200 * to fill the gap @ $202.99 - close above $203 & $210 is next.
I will watch for price reaction at previous highs
$197.26 & $200.6
Note
Traps on Traps on Traps... Patience is key for today, the Pros are in manipulation mode... traps will be set just to most likely end back around $193 price range by end of week. Trading Range: $188.04 -$200.6 break of Key supports are best for entries for swing tradesNote
Note
Trade active
Double Bearish Pattern
$192 area maybe retested before moving into the low $180's
Congrats to anyone who took this trade!
Trade active
TSLA lost 21 ema & 100 ma on 1 hr + underneath weekly VWAP - Now **Should be resistance .. these markets are volatile, reversals can happen at any momentNote
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