Hello, Traders! 📈
Today, we're diving deep into TSLA's chart, and I'm excited to present a compelling trading opportunity based on a well-defined Rectangle Channel pattern.
📘 About Rectangle Channels:
Rectangle Channels are technical patterns formed by two parallel trendlines—support and resistance—that the price moves between. They represent periods of consolidation and can be traded in both uptrends and downtrends. A breakout or breakdown from the channel can signal the start of a new trend. The height of the rectangle often acts as a guide for the potential breakout/breakdown move.
📌 Trading Strategies:
Long Position:
- Entry: Consider going long on a breakout above the upper trend line at $240.79.
- Stop Loss: Positioned at the channel's midpoint: $234.49.
- Profit Targets:
- 50% Target: $247.16
- 100% Target:$253.46
Short Position:
- Entry:Consider shorting on a breakout below the lower trend line at $228.05.
- **Stop Loss:** Positioned at the channel's midpoint: $234.49.
- **Profit Targets:**
- **50% & 100% Target:** $221.83
Wishing you profitable trades! 💰