For the last month, price has been bouncing between two ends of a symmetrical triangle. Earlier today, price hit that upper end and, as expected, faced stiff resistance prompting a rejection of that level and a drop in price. Bearish broad market sentiment, likely fueled by the Fed's interest rate hike, further contributed to the price drop. RSI also hit a resistance of its own, around the 50 level, and will likely drop down lower in coming days. All of these together make this a great TSLA short opportunity. Place a stop loss at the $830 level. PT#1 is around $770, the lower end(support) of the symmetrical triangle. If this breaks down, as it likely will, we could see a more substantial drop putting PT#2 at $700.
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Obliterated that $830 level. Revised stop loss at $840.
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Disclaimer
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.