TheStockMan

TheStockMan

The past year has been so clean for TSLA in terms of respecting the fib retracement levels. The 1M and 1W MAs have also been respected. Using the fib retracement levels starting from the bull run back in 2019 until the high in late 2021, we can easily find TSLA's support and resistance levels. I am currently bullish on TSLA for these reasons: - We are...

TheStockMan

Sometimes the most simple trades are the best ones. Look at how much TSLA has been respecting these Fibonacci levels. With the RSI undersold, a recent bounce at the 0.786 level, and changing sentiment across markets, this might be a good time to buy some TSLA. This isn't the most safe trade, since the 1M MA and 1W MA are acting as resistance. However, I think the...

TheStockMan

You can't find a cleaner descending broadening wedge pattern than this! The same top trendline resistance has been broken on all other major indices, but the IWM has looked the cleanest. I have some long positions for $237 by March 31, but we could see this go up to $250 pretty soon. But also be careful, it might want to come back down to test the ATH as...

TheStockMan

TSLA has been consolidating for quite some time now. We have seen lower highs and higher lows, it is just a matter of time until TSLA chooses whether it wants to fly or fall. $405 has been a key level of support for the past couple of weeks. The Stoch and RSI are both on the lower end, so it wouldn't be surprising to see TSLA move up. All we would need is a little...

TheStockMan

I'm still bearish on SNAP after the exaggerated move at earnings. There seems to be a head and shoulders pattern forming, and it will be confirmed once the neckline is broken at around $38.52. However, the Stoch RSI seems to be bottoming, so we may see a move up. Perhaps this isn't a H&S, but rather a bull flag. This is not financial advice. Be aware of your...

TheStockMan

We've seen a lot of gap days in the past couple of months, forming a few island reversals. It looks like we've made a new island today thanks to the election-induced rally. The Put/Call ratio is still high, so I'm expecting the rally to continue up to the top trend line of what seems to be a symmetrical triangle forming. There are a few resistances up until then,...

TheStockMan

After a crazy earnings beat run up of more than 50%, SNAP has shown a double top at around $43. If SNAP breaks under the supports at $40 and $38, I would call it a confirmed double top. As for how low it will fall after that, only time will tell. This is not financial advice. Be aware of your own risks. I am not responsible for your gains or losses.

TheStockMan

It looks clear to me that the upward symmetric triangle breakout has failed, even after an earnings beat. TSLA is now testing $405, a very important support line. As I mentioned in my earlier TSLA idea, if it breaks under $405 and under the top trendline of the triangle, I will be bearish. The current situation is already looking quite bearish, but you can never...

TheStockMan

"The novice trader will ignore a failed signal... the truly skilled trader will be able to do a 180-degree turn. In other words, it takes great discipline to capitalize on failed signals, but such flexibility is essential to the effective synthesis of chart analysis and trading." - Jack D. Schwager It seems that we have broken down from the potential bull flag...

TheStockMan

We've been in what appears to be a bull flag since Oct 13. However, we have also been out of the bullish channel since Oct 19. There are strong horizontal supports at $282 and $281, so I'm expecting a breakout from the bull flag on Monday open. If not, then QQQ will fall to the bottom of the bull flag and perhaps down to the horizontal support at $273. Right now,...

TheStockMan

TSLA seemed to breakout from the symmetric triangle at around Oct 9, but then hit resistance at $465. I drew in a short-term bullish pennant before earnings, but TSLA has also failed to break out from there. The next level of support is at $405 and the final level of support before I am completely bearish is the top trend line of the failed symmetric triangle. If...