After hitting a mini high of 780 on 14 April, and just when the bulls are thinking it is going straight to the moon, Telsa went into a rather painful correction. Finally we had enough signals last Friday to be optimistic that this recent correction could be over:
1. retraced 61.8% of it's recent CD swing up and appeared to have found support here by bouncing off here and
2. formed a bullish engulfing candle
3 bullish divergence seen between price and stochastics
Those who go long now will need to put the initial stop loss below it's last low of 666 (perhaps as low as 658). Should this trade fail, retest at the next significant support around 591.
Should the trade works out (which at this point the odds looks good), consider to take partial profits @ 780, then 900-925 and finally 1000.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to give me your thoughts ! :)
1. retraced 61.8% of it's recent CD swing up and appeared to have found support here by bouncing off here and
2. formed a bullish engulfing candle
3 bullish divergence seen between price and stochastics
Those who go long now will need to put the initial stop loss below it's last low of 666 (perhaps as low as 658). Should this trade fail, retest at the next significant support around 591.
Should the trade works out (which at this point the odds looks good), consider to take partial profits @ 780, then 900-925 and finally 1000.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to give me your thoughts ! :)