TSLA – October 16, 2024

Key Levels:
Support:

217.18
213.91 (next significant volume-based support below)

Resistance:

222.36 (short-term level)
225.63 (high volume zone above)

Indicators & Setup:
Volume Profile: The bulk of the volume (blue area) suggests that the price has found balance around the 219–222 range. Below 217, a thin volume zone could trigger a sharp drop if selling pressure continues.

EMAs:
Purple Line: 161 EMA is above the candles, suggesting a bearish trend.
Blue Line: Possibly 15 EMA, curling sideways with some consolidation. No clear bullish momentum yet.

MACD: The histogram seems to be fading, showing decreasing bullish momentum, while the signal line is still slightly above the baseline.

Price Action Observations:
TSLA attempted to push higher but faced rejection around 222.36. The rejection with a bearish candle suggests sellers are active at this level.
If the price breaks 217.18, watch for further downside towards 213.91.
For upside, a break above 225.63 could lead to a continuation rally.

Scalping Setup:

Short Bias: If the price stays below 222 and fails to reclaim higher resistance, consider shorting towards the 217 level.

Long Setup: If it reclaims 222 with strong volume, target 225.63 for a scalp exit.

Disclaimer:
This analysis is for educational purposes only and should not be construed as financial advice. Always perform your own research or consult a professional before making trading decisions. Trading involves risk, and you can lose more than your initial investment.