TESLA ON HOURLY CHARTTesla has been trading below 200 MA for good period of time & has formed Bearish Pennant price action pattern which indicates a Bearish continuation trend signal. Using Fibonacci we also plotted that, Tesla is not able to break its 50% retracement level which infact is exactly at the price level where 200MA is standing. It’s a double & strong reversal sign. Also if we look at the resistance level we can observe that every time stocks comes near resistance price there was a good reversal with good volumes.(Red Volumes bars more).
Reason for shorting setup because-
1)Sustaining below 200MA indicating major downtrend.
2)Fibonacci levels retracements.
3)Selling pressure up, red candle in volume increasing near resistance area.
4)Bearish Pennant pattern.
Trade safe.
