Cmp - 623
Stop - 560 on DCB
T1 - 780
T2 - Open, Review at 780
Expected Holding Period - 80 trading days or earlier for T1
Ideas being shared only for educational purpose
Please do your own research or consult your financial advisor before investing
Breakout Failure on top.
The chart structure is shifting towards consolidation and test of supports.
Sustaining and closing below 601 in the coming weeks may well take Tesla to break the low of 546 & then proceed to achieve 450-36 to 420 range.
The Down move scenario gets invalidated on successive closing above 670
Reasons For Trade-
1: Risk Reward 1:3
2.4 Hr chart shows buyers strength
3.daily chart has taken support on trend line created from march
4. price created good base on 1 hr chart for upward movement
5. Price has good support on 20+50+200 days Moving average around 700
6.Fundamentally Strong company so buy on dips recommended for positional
Tesla Motors is already oversold in February. Swing trade setup buy at current levels 650-725, stop loss as per your risk profile for targets 777/829. Less risky traders can buy March 05 700 call option.
Tesla is in ascending triangle which has bias to break to the upside.
Good fundamentals and strong demand.
RSI is also in ascending triangle.
I expect the price to either retest the uptrend line or break the $460 mark and go for $500.
How to play this?
So either buy the break of $460 or set a long position at $415 for improved reward.
If comes below 438.7 then short with SL 441.7 for TGT 400.
If goes above 451 then BUY with SL 441.7 for TGT 480.
At 480 short with SL 487 for TGT 400
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This stock has been showing so much promise but there seems to be no impact on its ability to head higher . The last few weeks it has been attempting to tread to a new high only to meet with supplies. AFter forming a Type 2 negative divergence the prices are swiftly heading lower. Now with the breach of the support trendline we could be looking at some selling...