TSLANice Wedge forming on TSLA. CALLs could work over the green line. Target price mentioned.
***NOT A FINANCIAL ADVICE***
TSLA trade ideas
Covered call on TSLA over ROBO TAXII am expecting robo taxi to be a "sell the news" event. We had a "buy the rumor move" on TSLA from $200 to $260
I had a $250 covered call expiring LAST Friday. I sold that for $5 and bought it back for $1. NICE WIN. Still have the shares.
So, figured If I was OK selling at $250 2 trading days ago, I should be fine selling at $255+4 = $259 effective
THIS FRIDAY
im still bullishlast daily deviated from my trendline. to me that could be a swing fail and a shakeout to shake weak hands.
reasons to consider: there is CPI data today and on 10/10 theres the tesla robot event a big fail could prove to be a priced in scenerio and the start of the nuke today with the following nuke tomorrow.
for me i am a big believer of tesla so im bullish for me i may have another buy oprotunity on the vola vola today.
as for the pattern in question we have a 48% on the cup depth 32% on the handle depth 44% on the parallel channel that is still part of the handle.. make of it what you will.
i dont believe tesla will break out before the 10/10 but will swingfail the down level even (especially) on bullish cpi data (if anyone knows how hedge funds like to operate).
there are bad lows at our current level and at 226 (which is also previous resistance)
a sweep would be an amazing bullish retest that may or may not fail but the oprotunity is there and it all depends on how aggressive you'd like to trade or invest.
Trendlines are current value ranges
The upper teal drawings are potential double top that has formed and if we reject a potential double bottom (rsi will print an rsi div on 30 mins and may potentially swing up to the upper part of the channel causing an overbought on 4hours and daily)
Vwap will confluence with the 100 daily ema that could potentially be a good entry but there's also the potential of the 150 and 200 bullish retest even though in my opinion that would ruin the cup and handle entirely although the liquidity idea would stay the same i'd be sad to see the pattern go.
if we dont swing fail the bullish retest i will look to swing fail the lower trendline for another liquidity pool grab which is also the yearly value area poc.
if all fails and we go bearish on tesla i will trade the consolation prize from valow to vahigh (a lower high and on the higher timeframe and a full rotation play)
the bullish idea is if tesla preforms and the vah turns into the new poc/val and said new value range would be between current to 400-500
i hope i made enough sense and that my ideas are interesting for you. good luck to everyone.
TSLS for Tomorrow 10/8/2024Technical Analysis for TSLA
Current Price: ~$241.70
Key Resistance Levels:
First Resistance: $249.89 - This level aligns with recent selling pressure and previous highs.
Second Resistance: $252.10 - A critical level that TSLA needs to break through to invalidate the downtrend.
Third Resistance: $264.89 - Major resistance; a breakthrough here could push TSLA back toward recent highs.
Key Support Levels:
First Support: $237.91 - This level has been tested a few times recently and is providing short-term support.
Second Support: $225.94 - Strong lower support based on previous lows.
Trend: TSLA is currently in a downward channel. The price is consolidating near the lower trendline, which could indicate a potential bounce. However, a break below $237.91 could lead to more downside movement, targeting $225.94.
Volume: Volume seems to have tapered off slightly in the last sessions, which may indicate that sellers are becoming exhausted. A spike in buying volume could signal a reversal.
Indicators: Momentum oscillators are indicating a consolidation phase. Watch for a potential bullish divergence as the price approaches the lower trendline.
Potential Trade Idea:
Look for a potential bounce near $237.91 if volume picks up.
Alternatively, a break below $237.91 could lead to a short opportunity down to $225.94.
A break above $249.89 might lead to a rally towards $252.10 and beyond.
This analysis is for educational purposes only and is not financial advice. Please do your own research before making any trading decisions.
Contracting Triangle in progress!!!Its hard to believe bearish contracting triangle in progress while we expecting 10/10 "We, Robot" , Hard to believe, Is chart lying? Please share your opinion in comments.
Thanks!! Have a great trading.
TSLA: Spring effect on vwap: Buy ideaOn TSLA as you can see on the chart we have a spring effect on vwap and also we have the breakout with force the RL so it's mean that we would have a hight probability to have an uptrend.
TSLA - 1M - MACDWith the MACD turning positive on the monthly chart, Tesla is catching attention.
The much-anticipated Robotaxi event this Thursday, October 10, will see Tesla unveiling its autonomous vehicle without a steering wheel, powered entirely by Full Self-Driving (FSD).
Could this be the catalyst bulls have been waiting for?
TSLA - The #1 Trending StockAbout a week ago, i saw NASDAQ:TSLA
trending on Twitter formerly x
at first I really did not understand why this was happening.
-
But now I finally get it..
if you change this chart into a 5-min.
then you will see the
#3 step of the rocket booster
strategy.
You may be thinking,
"What is the rocket booster strategy?"
It has the following 3 steps:
#1-The price has to be above the 50 EMA
#2-The price has to be above the 200 EMA
#3-The price should gap up in an uptrend.
Short selling strategies sadly are a little
different from long buying strategies.
in this case this is a long buying strategy
Rocket boost this content to learn more
Disclaimer: Trading is risky you will lose money wether you
like it or not please learn risk management and proit taking
strategies.
TSLA Wizardyfomo pump to 400-600. then sideways chop double bottom 140-180. Might pump a lot then but i suspect the recession might come about as it did in Covid during the real pump.
TSLA: TA for tomorrow trading (10/07/2024)Price Action
Current Price: $249.89
Downtrend Channel: TSLA is trading within a downward channel, with the price near the upper boundary. This suggests the price could face resistance and pull back unless there’s a breakout.
Support and Resistance Levels
Immediate Resistance:
$250.15: The price is currently testing this resistance level. A breakout above could indicate a reversal of the current downtrend.
$259.93: A stronger resistance level where price action could stall, particularly if TSLA breaks out of the descending channel.
Major Resistance:
$264.87-$264.86: If price momentum continues upward, this is the next key level, marked by previous highs.
Immediate Support:
$240.66: Immediate support, which aligns with previous price consolidation zones. A break below this level could see more downside.
$237.69: Stronger support where the price bounced previously. If this breaks, a deeper retracement could occur.
Major Support:
$223.54: This is a key level and the lowest support shown on your chart. If price action continues downward, this level could be tested.
Entry and Exit Points
For Long (Buy) Position:
Entry: A break and hold above $250.15 would be a signal for a potential long position. Watch for volume and momentum confirmation before entering.
Target: Next resistance levels around $259.93 or up to $264.87.
Stop-Loss: Place a stop-loss below $240.66 in case of a breakdown.
For Short (Sell) Position:
Entry: If price action fails to break $250.15 and rejects from this resistance, consider entering a short position.
Target: Watch for the price to fall back to the support levels at $240.66 and $237.69.
Stop-Loss: Set a stop-loss above $250.50 to limit risks in case of a breakout.
Trend & Direction
Bearish Bias: Currently, the stock is trading within a descending channel, indicating that the overall trend is bearish. If the price remains within the channel, expect further downside or range-bound trading.
Potential Reversal: However, a breakout above $250.15 could signal a trend reversal, allowing for a bullish move toward higher resistance levels.
Indicators and Volume
MACD: There’s no detailed view of the MACD, but based on the chart, watch for any bullish or bearish crossovers as a potential signal for trend direction.
Volume: Volume is a key factor in confirming breakouts. If you see a high volume push through $250.15, that would strengthen a bullish case.
Tomorrow’s action will likely depend on how TSLA handles the $250.15 resistance. A breakout above that level could indicate more upside, while failure to break could lead to a bearish continuation.
TSLA BUY ANALYSIS TRIANGLE PATTERNHere on Tsla price has form a triangle pattern and is likely to move up after breaking line 235.92 and there is chance of moving up so going for LONG is needed with target profit of 257.58,281.64 and 306.46 . Use money management
TSLA
Key Observations:
Timeframe & Context:
The chart is set to a 1-hour timeframe for Tesla (TSLA).
It includes multiple timeframes for analysis on the right side, ranging from 2-minute to 1-week.
Indicators and Strategy Elements:
Entry & Exit Points: An entry point is marked, with a labeled Entry box, and several Take Profit (TP) levels: TP 1, TP 2, and TP 3.
Stop Loss & Trailing Stop Loss:
The initial Stop Loss is set below the Entry point.
A Trailing Stop Loss (TSL) is set above the Entry, indicated by the purple box.
Market Conditions:
The condition for most timeframes, including 2M, 5M, 15M, 30M, and 1H, shows a Buy signal.
However, the 1 Hour and 2 Hour timeframes also show a Sell signal for a short period, indicating a mixed trend in the shorter timeframes.
Trend and Market Meters:
The overall market condition is Bullish in multiple timeframes, while the shorter timeframes are experiencing a Sideway condition.
Indicators like Accumulation and Setup Buy confirm the bullish bias in larger timeframes.
Technical Indicators:
CIT (Change in Trend) signals are marked multiple times, confirming areas of trend reversal or continuation.
BOS (Break of Structure) is used to denote areas where the market broke through previous support or resistance levels.
Volume data and trend strength indicators are included below the chart, such as the AO (Awesome Oscillator) and RSI (Relative Strength Index), showing bullish strength currently.
Take Profit Levels:
TP 1, TP 2, and TP 3 are clearly defined.
TP 1 is at the 253 level, TP 2 is at 257, and TP 3 is at 261.
As the price progresses, each TP represents a strategic level to secure partial profits.
Suggested Strategy Analysis:
Entry & Stop Loss Setup:
Your Entry point is well-placed based on support/resistance confirmation.
Stop Loss placement below the support level provides a solid risk management strategy, protecting against unexpected reversals.
Trailing Stop Loss (TSL):
The use of a TSL above the Entry is designed to lock in profits as the price moves in your favor.
Consider incrementally adjusting the TSL if the price breaks above TP 1 and TP 2 to optimize gains.
Take Profit (TP) Management:
TP 1 serves as a conservative target, while TP 2 and TP 3 are positioned for higher gains.
Once TP 1 is hit, moving your Trailing Stop Loss to the Entry point is recommended, ensuring a no-loss position if the price reverses.
Market Condition Awareness:
Keep an eye on the 1-hour and 2-hour Sell signals for potential short-term resistance or pullback zones.
If these signals continue, consider scaling out partial positions at TP 1 or TP 2 and waiting for confirmation before holding to TP 3.
Final Recommendations:
Monitor for any break of support/resistance around the TP levels.
Adjust the Trailing Stop Loss dynamically as the price hits TP targets.
Use Volume and Momentum Indicators (AO and RSI) to validate the strength of the trend, especially if there are conflicting signals.Key Observations:
Timeframe & Context:
The chart is set to a 1-hour timeframe for Tesla (TSLA).
It includes multiple timeframes for analysis on the right side, ranging from 2-minute to 1-week.
Indicators and Strategy Elements:
Entry & Exit Points: An entry point is marked, with a labeled Entry box, and several Take Profit (TP) levels: TP 1, TP 2, and TP 3.
Stop Loss & Trailing Stop Loss:
The initial Stop Loss is set below the Entry point.
A Trailing Stop Loss (TSL) is set above the Entry, indicated by the purple box.
Market Conditions:
The condition for most timeframes, including 2M, 5M, 15M, 30M, and 1H, shows a Buy signal.
However, the 1 Hour and 2 Hour timeframes also show a Sell signal for a short period, indicating a mixed trend in the shorter timeframes.
Trend and Market Meters:
The overall market condition is Bullish in multiple timeframes, while the shorter timeframes are experiencing a Sideway condition.
Indicators like Accumulation and Setup Buy confirm the bullish bias in larger timeframes.
Technical Indicators:
CIT (Change in Trend) signals are marked multiple times, confirming areas of trend reversal or continuation.
BOS (Break of Structure) is used to denote areas where the market broke through previous support or resistance levels.
Volume data and trend strength indicators are included below the chart, such as the AO (Awesome Oscillator) and RSI (Relative Strength Index), showing bullish strength currently.
Take Profit Levels:
TP 1, TP 2, and TP 3 are clearly defined.
TP 1 is at the 253 level, TP 2 is at 257, and TP 3 is at 261.
As the price progresses, each TP represents a strategic level to secure partial profits.
Suggested Strategy Analysis:
Entry & Stop Loss Setup:
Your Entry point is well-placed based on support/resistance confirmation.
Stop Loss placement below the support level provides a solid risk management strategy, protecting against unexpected reversals.
Trailing Stop Loss (TSL):
The use of a TSL above the Entry is designed to lock in profits as the price moves in your favor.
Consider incrementally adjusting the TSL if the price breaks above TP 1 and TP 2 to optimize gains.
Take Profit (TP) Management:
TP 1 serves as a conservative target, while TP 2 and TP 3 are positioned for higher gains.
Once TP 1 is hit, moving your Trailing Stop Loss to the Entry point is recommended, ensuring a no-loss position if the price reverses.
Market Condition Awareness:
Keep an eye on the 1-hour and 2-hour Sell signals for potential short-term resistance or pullback zones.
If these signals continue, consider scaling out partial positions at TP 1 or TP 2 and waiting for confirmation before holding to TP 3.
Final Recommendations:
Monitor for any break of support/resistance around the TP levels.
Adjust the Trailing Stop Loss dynamically as the price hits TP targets.
Use Volume and Momentum Indicators (AO and RSI) to validate the strength of the trend, especially if there are conflicting signals
Key Observations:
Chart Overview:
Timeframe: The chart is set to the 2-hour timeframe, providing an intermediate view of Tesla's price movements.
Trend: The general trend appears to be bullish, with multiple Buy signals marked throughout the chart. However, there are also short-term Sell signals at resistance levels.
Entry, Stop Loss, and Trailing Stop Loss:
Entry Point: The Entry is clearly labeled with a gray box around the 243.81 price level.
Stop Loss: The Stop Loss is set higher, around the 261.25 level. This setup suggests a larger stop loss to accommodate potential volatility.
Trailing Stop Loss: A Trailing SL is marked below the Entry, indicating that the strategy is to adjust the stop loss upward as the price moves in favor.
Take Profit Levels:
TP 1 is set at 245.
TP 2 is set at 237.
TP 3 is set at 230.
These TP levels are well-defined, suggesting a strategy of scaling out of positions at each profit target.
Support and Resistance Zones:
The chart shows multiple resistance and support zones, with areas of Buy and Sell markers based on support/resistance and trend change patterns.
Break of Structure (BOS) and Change of Character (CHoCH) signals are present, indicating shifts in trend direction.
Technical Indicators and Market Conditions:
The market meter and trend indicators show a Bullish trend across multiple timeframes (1-minute, 5-minute, 30-minute, 1-hour, and Daily).
The 2-hour and 4-hour timeframes indicate a Sell condition, suggesting caution as it may encounter resistance in the intermediate timeframe.
Current Setup Analysis:
The Buy signal at the current entry level suggests a potential reversal from the recent downtrend.
The trailing stop and support below the current price indicate a strategy focused on capturing a move back to higher resistance levels.
Strategy and Recommendations:
Risk Management:
Stop Loss placement at 261.25 is relatively wide. Consider adjusting the Stop Loss closer to the entry point if the price action shows weakening momentum.
Trailing Stop Loss should be moved dynamically as the price hits TP 1 and TP 2 to lock in profits.
Take Profit Strategy:
TP 1 at 245 is a conservative target, suitable for partial profit-taking.
As the price approaches TP 2 and TP 3, monitor volume and momentum indicators to gauge whether to hold the position for a full exit.
Potential Reversal or Continuation:
If the price breaks through the TP 1 level with strong momentum, consider adding to the position with a tight trailing stop.
Conversely, if the price struggles to hold above the 243 level, it may indicate a short-term reversal back to support.
Monitor Larger Timeframes:
With the 2-hour and 4-hour timeframes showing a Sell signal, be cautious about any unexpected resistance or trend reversal in these higher timeframes.
Wait for a clear break above the 245 resistance to confirm a bullish continuation.
Final Thoughts:
This chart is a good example of using multiple TP levels and a structured trailing stop loss strategy.
Make sure to adjust the Trailing Stop Loss dynamically to lock in gains as the trade progresses.
Keep an eye on broader market conditions for any macro changes that could impact Tesla’s overall trend.
Key Observations:
Timeframe:
The chart is set to the 1-day (Daily) timeframe, which is ideal for tracking long-term trends and investment strategies.
This timeframe provides a broader perspective compared to the previous 2-hour and 1-hour charts.
Entry, Stop Loss, and Trailing Stop Loss:
Entry Point: The Entry is clearly marked at approximately 250.08, suggesting a recent buy-in.
Stop Loss: The initial Stop Loss is set at 218.60, giving this trade a wider stop to accommodate daily fluctuations.
Trailing Stop Loss (TSL): The TSL is placed at a higher level compared to the Stop Loss, indicating that the strategy is designed to lock in gains as the price advances.
Take Profit (TP) Levels:
TP 1 is set at 269.24, providing a reasonable target for a short-term exit.
TP 2 is positioned higher at 287, indicating a more aggressive take profit target.
TP 3 is at 309, representing the maximum profit target, suggesting a strong bullish expectation if the price momentum continues.
Support and Resistance Zones:
Multiple zones are highlighted on the chart, with areas showing previous Buy and Sell signals.
BOS (Break of Structure) and CHoCH (Change of Character) markers are present, signifying areas where the trend direction shifted.
Market Meter & Condition:
Timeframe Trends and Conditions on the right panel indicate a generally Bullish condition across multiple timeframes.
1-hour timeframe shows a Sell signal, but this could be a minor pullback within a larger bullish trend.
Overall, the Market Meter suggests a continued upward momentum, with several "Running Up: Buy" conditions noted.
Indicators and Market Structure:
The chart includes indicators like CIT (Change in Trend), Break of Structure (BOS), and other technical signals to validate trade setups.
The overall structure appears to be targeting a continuation of the bullish trend with proper stop loss and take profit management.
Suggested Strategy:
Entry and Risk Management:
Your Entry at 250.08 aligns well with the recent support level, suggesting a good long entry point.
The Stop Loss at 218.60 is positioned to account for any unexpected trend reversals, maintaining a healthy risk/reward ratio.
Trailing Stop Loss Management:
As the price moves toward TP 1 at 269.24, consider moving the Trailing Stop Loss higher to at least the Entry point, ensuring a no-loss position.
If the price reaches TP 2 at 287, adjust the TSL further up to lock in more profits.
Take Profit Strategy:
TP 1: Represents a safe, short-term target. If momentum is strong, consider holding for a move to TP 2.
TP 2: At 287, represents a more aggressive profit-taking point. Partial profit-taking here is advisable.
TP 3: At 309, is the optimal exit point for the entire position, provided the bullish trend continues with high momentum.
Monitoring Market Conditions:
Keep an eye on the 1-hour and 30-minute signals, as any persistent sell signals on these timeframes might indicate a short-term pullback.
If the 1-hour Sell persists, be prepared to exit partially at TP 1 and re-enter after confirming trend continuation.
Long-Term Perspective:
The overall setup is positioned for a strong bullish continuation, with larger targets suggesting confidence in Tesla's long-term growth.
As this is the Daily chart, be patient and allow the trade to develop over time.
Potential Adjustments:
If there is a sudden shift in the market sentiment or the Daily timeframe begins to show bearish signals, consider reducing your position size or moving the Stop Loss closer to minimize risk.
Alternatively, if TP 1 and TP 2 are hit with ease, you may choose to extend the Trailing Stop Loss even further to capture a potential rally beyond TP 3.
TSLA Weekly & Daily Tech: Key Resistance with Breakout PotentialTSLA Weekly and Daily Technical Outlook: Approaching Key Resistance with Breakout Potential
Weekly Perspective
TSLA is nearing a critical resistance zone starting at $271/$278, and while the technical indicators are mostly bullish, a potential breakout could render some of the oscillator signals less relevant.
Oscillators: The RSI (14) stands at 59.09, indicating the stock is nearing overbought conditions but still within neutral territory. However, if TSLA breaks through the $271/$278 resistance, this indicator may quickly enter overbought territory, signaling strong upward momentum. The MACD Level (12, 26) at 8.40 is currently giving a sell signal, reflecting potential short-term weakening, but a breakout could invalidate this and lead to renewed bullish momentum. On the other hand, the Momentum (10) at 11.86 already signals a buy, suggesting a building upward force that aligns with the possibility of breaking through the resistance.
Moving Averages: All moving averages show strong buy signals, reinforcing the bullish sentiment. The 10-period EMA at $118.36 and the 200-period EMA at $49.39 both indicate strong support at various timeframes. Given the upward momentum and moving averages in buy territory, the key test will be whether TSLA can break the $271-$278 resistance. A successful breakout would diminish the importance of current oscillator signals, as the stock could enter a new bullish phase.
Overall, while oscillators like the MACD suggest caution, a breakout through the $271/$278 level could trigger significant upside potential, rendering short-term signals less relevant.
Daily Perspective
On the daily chart, TSLA is similarly approaching the critical $271/$278 resistance level, and momentum indicators suggest potential for a breakout.
Oscillators: The RSI (14) at 58.39 is hovering near the upper end of neutral, suggesting that while the stock is nearing overbought territory, it still has room to push higher. The MACD Level (12, 26) at 1.60 and the Momentum (10) at 8.92 both give buy signals, indicating strong upward momentum in the short term. A breakout above $271/$278 would likely accelerate this momentum, causing oscillators like the Awesome Oscillator and MACD to strengthen further. In this case, the typical resistance offered by these signals may be less impactful as the stock enters a more aggressive bullish trend.
Moving Averages: All moving averages continue to show a strong buy across different timeframes. The 10-period SMA at $121.11 and the 50-period EMA at $117.52 indicate solid upward pressure and support. As TSLA approaches the $271/$278 resistance, the moving averages reinforce the stock’s ability to break higher. A successful breach of this zone could lead to a rapid shift in market sentiment, with moving averages leading the charge into further bullish territory.
Conclusion
TSLA is rapidly approaching a critical $271/$278 resistance level, but its bullish momentum suggests the potential for a breakout. If the stock surpasses this resistance, current oscillator signals—particularly those showing caution, like the MACD—could lose significance as TSLA enters a new phase of upside movement. With strong support from moving averages and positive short-term momentum, a breakout would likely accelerate the uptrend, pushing the stock to new highs.
Disclaimer: The information provided in this analysis is for informational purposes only and should not be considered financial or investment advice.
TESLA could be at 290-310 before you know it (NFA)Hello Tradingview community!
As always: If this pattern I'm showcasing doesn't work as predicted..
then please don't come crying to me (ty) -> NFA DYOR
Alright.. The chart is more than just simple as you can see -
We are in a VERY obvious channel atm on NASDAQ:TSLA
and if it continues playing the "channel game" then
290-310 looks more than likely from my perspective!
Of course if Tesla break down or up those predictions are wrong
and I will update this post then.
This is pretty much just a very short-term idea on Tesla
and we shall see if it worked or not in the end of October
If you want more "long-term" predictions then check out
the attached chart link to this post (showing a Tesla target of 500)
Again DYOR NFA <<<----
TSLA been consolidating for months now. Should see a rally.TSLA trigger could be Oct 10 ROBOTAXI event. Charts setting for rally over 300$ first target.
That move should be the start to fly.
CAUTION : Might want retest the 234 level sometime next week before we fly. But that could be the last chance below 250$.
*** NOT A FINANCIAL ADVICE. JUST FOR EDUCATION PURPOSE ONLY ***
Tesla Wave Trading Unlocked: Easy 30-Minute BreakdownI was all set for Tesla to move downward, but things didn’t go as planned. Now, I’m switching gears and ready to explore an exciting potential rally instead! I’m keeping a close watch as Tesla inches closer to those crucial resistance levels, especially the $272-$278 zone. Every resistance level is a new chance for us to take action, and I’m right here with you for each twist and turn. Together, we’ll see how Tesla responds—will it break through or meet resistance? Let’s dive into this thrilling market journey, because I’m fully committed to helping you stay ahead and make the most of every opportunity!
TSLA: Buy ideaBuy idea on TSLA as you can see on the chart because we are in an oversold zone on a 15 minute time frame. This will also be confirmed with the forceful breakout of vwap and RL.
#Tesla Analysis : More Fall Ahead ? (READ THE CAPTION)By analyzing Tesla's weekly chart (logarithmic), we observe that after a correction down to $209, the price experienced renewed buying pressure and was able to climb back up to $265. Once the price reached this significant supply level again, it faced selling pressure and has, so far, corrected down to $240. I expect that if the weekly candle closes and stabilizes below $242, we may see further correction in this company's stock.
Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !
Best Regards , Arman Shaban
Long Term Tesla - Big Accumulation !Long term Technical suggest we are in a Up Trend on Angle 6.
Green UMVD & GREEN TrapZone at the moment with Very WIDE Ranges on the Daily.
Will post hourly for swing analysis as a thread next. What are your thoughts ?
TSLA for Tomorrow Trading 10/4/2024Current Price Action:
TSLA is trading within a descending channel, indicating a bearish trend. The stock closed near $235.67 after retesting the lower trendline of the channel.
There appears to be a slight consolidation near the lower boundary of this channel, suggesting that TSLA might be finding short-term support around this level.
Key Support Levels:
$235.50 - $236.00: Immediate support zone, also close to today’s low. This could act as a base for a potential bounce if sellers ease off.
$230.00: A psychological level and potential strong support, in case TSLA breaks below the current support.
Key Resistance Levels:
$241.50 - $241.80: The closest resistance level. TSLA needs to reclaim this zone for any potential upside movement.
$245.00: Further resistance, and the top of the descending channel. If TSLA can break above this, we could see a bullish reversal.
Potential Entry/Exit Points:
Entry (Bullish): A break and hold above $241.50 could be a good entry point for a potential reversal towards the upper channel, targeting $245.00 or higher.
Entry (Bearish): If TSLA breaks below $235.00, it could signal further downside momentum. In that case, a short entry targeting $230.00 would be strategic.
Exit (Bullish): If entering on a break above $241.50, a safe exit near $245.00 or higher (around $249.00) would align with prior resistance levels.
Exit (Bearish): If entering below $235.00, consider exiting around $230.00, as this could act as strong support.
Directional Suggestion:
Bearish Bias: With TSLA trading in a descending channel and volume not indicating a strong reversal, it’s likely that the bearish trend could continue, at least in the short term. Watch for a potential breakdown below $235.00, as it could lead to further downside.
Bullish Reversal?: A break above $241.50 could trigger some bullish momentum, but confirmation will be needed with strong volume.
Suggested Strategy:
Short-term traders may look for opportunities to scalp between the key support and resistance zones.
Swing traders can wait for a clear break of the channel—either above $245.00 (for bullish moves) or below $235.00 (for bearish moves)—before taking a position.
