TSLA - Food for thought
Updated
TSLA has been very weak (just like everything else)
I am watching a possible Lower High in the 1hr.
We can clearly see support at 690.63 area, tried to move from there, rejected at 730 and then failed to hold that support (690.93) moving all the way down to 640 area where it is now the new support.
IF price can move higher and retest 690.63 previous support and reject as resistance, there is a change we might come back down towards 640 and either make a double bottom, or fail and move lower towards 600.
However if it manages to take out 690.63 we will definitely push towards 700 and there either a bigger rejection for another leg lower or could even go higher towards 710.
Just remember how volatile the market is and don't get caught holding positions for too long. Take profits and walk away
Good Luck
I am watching a possible Lower High in the 1hr.
We can clearly see support at 690.63 area, tried to move from there, rejected at 730 and then failed to hold that support (690.93) moving all the way down to 640 area where it is now the new support.
IF price can move higher and retest 690.63 previous support and reject as resistance, there is a change we might come back down towards 640 and either make a double bottom, or fail and move lower towards 600.
However if it manages to take out 690.63 we will definitely push towards 700 and there either a bigger rejection for another leg lower or could even go higher towards 710.
Just remember how volatile the market is and don't get caught holding positions for too long. Take profits and walk away
Good Luck
Trade closed: target reached
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