TSLA long over the next week
Continuing the month long channel idea present across the tech sector that started forming mid March.
Support seems consistent with 2 contact points.
Identified levels:
L595, L675, L775, L805, L930 (peak performance before pandemic)
Noticing two possible channels.
1. Orange (steeper) with a Bear Penetration beginning April. In which case the price is about to test the support.
2. White (smaller slope) with Bull Penetration mid April. In which case the price is about to test the resistance.
Either way, there seems to be a convergence of the Orange support and the White resistance around the 6th of May @ L805.
So far everything in the tech sector seems to be on the rise. And with lockdown measures (inevitably) soon to be lifted due to the coming of summer when viruses usually show reduced activity I tend to believe it will continue to rise.
A short term approach would be to expect a following of the Orange support line with a rise to L775 over the coming week.
A longer term approach would imply a continuation of the consolidation around the current 725 price with a bullish breakout sometime around the 10th of May.
I am being very mindful of the fact that TSLA is a very quirky beast and taking that variation into account when setting my SL, but I'm thinking that just below L675 might be a good place to put it. How far below, I'm not sure yet.
Risk / Reward ratio depends on whether I go for the short or long term approach.
MACD shows no divergence => reason to look forward to continued bull movement.
CAUTION: EARNINGS coming up!!!
Support seems consistent with 2 contact points.
Identified levels:
L595, L675, L775, L805, L930 (peak performance before pandemic)
Noticing two possible channels.
1. Orange (steeper) with a Bear Penetration beginning April. In which case the price is about to test the support.
2. White (smaller slope) with Bull Penetration mid April. In which case the price is about to test the resistance.
Either way, there seems to be a convergence of the Orange support and the White resistance around the 6th of May @ L805.
So far everything in the tech sector seems to be on the rise. And with lockdown measures (inevitably) soon to be lifted due to the coming of summer when viruses usually show reduced activity I tend to believe it will continue to rise.
A short term approach would be to expect a following of the Orange support line with a rise to L775 over the coming week.
A longer term approach would imply a continuation of the consolidation around the current 725 price with a bullish breakout sometime around the 10th of May.
I am being very mindful of the fact that TSLA is a very quirky beast and taking that variation into account when setting my SL, but I'm thinking that just below L675 might be a good place to put it. How far below, I'm not sure yet.
Risk / Reward ratio depends on whether I go for the short or long term approach.
MACD shows no divergence => reason to look forward to continued bull movement.
CAUTION: EARNINGS coming up!!!
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