Now that the Battery Day is behind, and the hype is diminished, Tesla might be forming a reversal pattern with a mid-term target of $300. With this prospect, we can open a short position at $415 which is around upper line of a reversal pattern triangle.
Until price reaches that level, we can use a short-term opportunity to open a long position at $380 as the price touches MA200 second time and is currently in oversold area (see RSI).
Until price reaches that level, we can use a short-term opportunity to open a long position at $380 as the price touches MA200 second time and is currently in oversold area (see RSI).
Trade geschlossen: Ziel wurde erreicht:
Closed LP as it's reached the target $415.
Kommentar:
With the LP target reached, we can wait for RSI to climb into overbought area to open a short position which would be around $430 with a target at $360 level. Plan B is to wait for a price to break $400 level support and open short from that level with the same target.
Kommentar:
I have incorrectly mentioned a symmetric triangle to be a reversal pattern while it's a continuation pattern instead. However it doesn't change our set up. Now the price hitting $450 level, we might see a pull back to triangle area.