We rode some calls into today to gather up some funds to build our final long-term profile for TSLA. What we are currently observing is what we call an EMA Rejection, where you see the momentum start to swing and ultimately, it gets rejected, not once... not twice.. but for a 3rd time in today's session. Taking the momentum away to the potential upside that we were expecting.
Currently $101 PUTs but plan to hold forever as we monitor to see how we react to the $106-$`08s
Currently $101 PUTs but plan to hold forever as we monitor to see how we react to the $106-$`08s
Note
EMA Rejection - 1-Hour TimechartNote
It seems we are trading within the channel defined by the 2 Yellow Trends shown here. Trade active
Closed out half of the position here to merely lock in half of this morning's profits while we wait to see if we push al the way back to $104 or not, or even below that.Note
Now watching this Purple Line Trend very closely. If TSLA breaks below, we could see $104-$106 coming in againNote
Should be telling us where we go from here shortly. Note
15-min EMA Rejection, which is what got us here at the $122 level as stated in our initial analysis. Moving this here.Note
This morning's Price Action: Still holding my PUTS but will be snatching up some of the profits as we go through the day. Don't expect to be opening any more trades this week until we go into next week and see where we are after snatching up the profits that we have.
Note
Looking to see if the previous support of $107.17 is now becoming resistance.Trade closed: target reached
We closed 90% of our PUT positions earlier this morning. And we have created a new outlook going into next week.You can view that here:
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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.