After finding support for the $242.76 Price Level which was support before TSLAs most recent run back to $299.
Looking for this to at least retest the 50% Retracement Level that was formed from the June 28 to July 1st original breakout.
The 50% played support for a majority of the end of July before TSLA broke Aug 1. I look to retest that 50% retracement and from there would expect continued downward pressure unless more financial/economic momentum can push it out of the Downward Channel that TSLA confirmed back on Aug 24th which also falls around the $265 Price Levels.
We purchased TSLA $265 09/15/2023 CALLS this morning for around $246. We purchased it prematurely as TSLA hit session lows of $242.76 missing the opportunity to purchase these options at a higher discount.
Looking for this to at least retest the 50% Retracement Level that was formed from the June 28 to July 1st original breakout.
The 50% played support for a majority of the end of July before TSLA broke Aug 1. I look to retest that 50% retracement and from there would expect continued downward pressure unless more financial/economic momentum can push it out of the Downward Channel that TSLA confirmed back on Aug 24th which also falls around the $265 Price Levels.
We purchased TSLA $265 09/15/2023 CALLS this morning for around $246. We purchased it prematurely as TSLA hit session lows of $242.76 missing the opportunity to purchase these options at a higher discount.
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30-Min Timeframe Analysis:
