Tesla TSLA Daily Downside Target Reached & Upside Resist Tested
The best case scenario for this trade happened for everyone to see.
A nice sell signal from 10-days ago which reached its target. This chart is unchanged from the last publication.
Tesla fell to the downside target and then for the brave, you get long at the downside target and then shoot for a rally back to the consolidation (10-days labeled with a purple line) and exit. Then if you are really brave, you go short, but in this case the time has expired for the down move since it has been 10-days since TSLA broke away from the 10-day mode labeled.
So, now we wait for another pattern to develop and walk away to trade another day.
Over the longer term, I would imagine that TSLA just builds time up here between $260 and $180 as revenues build and as the market begins to anticipate the production of the next Model-X SUV. We can also see if the demand for Model-S tails off or whether it maintains a plateau. Either way, there isn't much fundamental justification for the current valuation of $30+ billion and with earnings 41 days away (thanks for that helpful info TradingView from the details menu), there is plenty of time to work sideways.
If you have to trade this stock for a living (forced to trade it), then I have some other strategies to employ.
All the best and wishing us more good trades for 2014.
Tim 2:30PM EST, Thursday April 3, 2014 223.38 last -6.90 today
A nice sell signal from 10-days ago which reached its target. This chart is unchanged from the last publication.
Tesla fell to the downside target and then for the brave, you get long at the downside target and then shoot for a rally back to the consolidation (10-days labeled with a purple line) and exit. Then if you are really brave, you go short, but in this case the time has expired for the down move since it has been 10-days since TSLA broke away from the 10-day mode labeled.
So, now we wait for another pattern to develop and walk away to trade another day.
Over the longer term, I would imagine that TSLA just builds time up here between $260 and $180 as revenues build and as the market begins to anticipate the production of the next Model-X SUV. We can also see if the demand for Model-S tails off or whether it maintains a plateau. Either way, there isn't much fundamental justification for the current valuation of $30+ billion and with earnings 41 days away (thanks for that helpful info TradingView from the details menu), there is plenty of time to work sideways.
If you have to trade this stock for a living (forced to trade it), then I have some other strategies to employ.
All the best and wishing us more good trades for 2014.
Tim 2:30PM EST, Thursday April 3, 2014 223.38 last -6.90 today
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