$TSLA Long Position - Bullish Channel SetupI'm going long on NASDAQ:TSLA at $229.28 based on a strong bullish channel and favorable technical indicators.
Bullish Channel Formation: NASDAQ:TSLA is trading within a well-defined rising channel on the daily chart. The price is respecting both the lower and upper trendlines, making higher lows and higher highs. This is a strong sign that the uptrend is intact, and the price could continue moving higher as long as it stays within the channel.
Entry at Key Support: My entry point is $229.28, which sits near the lower trendline of the channel, a historically strong support zone. This price level offers a favorable risk-reward ratio, with the potential to ride the channel upwards towards higher price targets.
EMA Support: NASDAQ:TSLA is currently trading above the 20-day, 50-day, and 100-day EMAs, reinforcing the bullish sentiment. These moving averages are sloping upwards, showing that buyers are gaining control and the momentum is shifting in favor of bulls.
MACD Bullish Crossover: The MACD indicator has recently shown a bullish crossover, indicating potential upward momentum. This further supports the possibility of a continued upward move, with price targets towards the upper range of the channel.
Target and Stop-Loss: My target for this trade is at the upper trendline of the channel, around $340, which offers a solid risk-reward setup. I’ve placed my stop-loss below the lower trendline at $217, protecting my position in case of a channel breakdown.
Trade Details:
Entry: $229.28
Target: $299 - $340
Stop-loss: $217
Let’s see how this bullish channel plays out! 🚀
