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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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.