TeslaLong
[7 Sep] TSLA Bounces [Reversal Trade]
I'm loving the setup here. Despite the recent market weakness, TSLA has held above the confluence of key horizontal support at 265 (purple line) and the 300 EMA. The strong bullish candle today serves as a follow through from the bounce yesterday off 265 line, breaking the short term down trend) indicating possible bullish momentum in the days ahead.
Entry: 279
Stop: 265
TP1: 300
TP2: 310
I'm generally more comfortable with reversal setups like this, finding confluences of support levels and watching out for bullish candles around those support levels as signal. However, recall that the markets are still vulnerable to hawkish interest rates for at least the next 1-2 years, in which the bearishness caused by the increasingly risk-off environments could easily see TSLA fall with the general markets and going against my trade thesis. A gentle reminder to myself to ALWAYS put a stop if its a trade.
Entry: 279
Stop: 265
TP1: 300
TP2: 310
I'm generally more comfortable with reversal setups like this, finding confluences of support levels and watching out for bullish candles around those support levels as signal. However, recall that the markets are still vulnerable to hawkish interest rates for at least the next 1-2 years, in which the bearishness caused by the increasingly risk-off environments could easily see TSLA fall with the general markets and going against my trade thesis. A gentle reminder to myself to ALWAYS put a stop if its a trade.
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