Tesla to 600 and then 900
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So what's going on Tesla??
Either you are short term or long term trader, if you end up reading my post that means most likely you are interested in Tesla like me and also probably you also have a doubt in the direction where it can go from here on.
With tesla, one thing I have learned, this stock responds to technical levels (fib levels) that make the life easier. But if you put your emotions into it then Tesla will beat you hard. So no emotions please
Now Red is monthly fib, weekly fib is in Blue and short term fib is in Pink.
I am forecasting it to 624 to be precise and today we are 724 below weekly fib level 78.6%. Last week low was 680. Just notice the yellow circles, it is after a long time at oversold area but without divergence. Whenever it has reached oversold area, it has bounced and it will bounce this time as well.
Does it matter if there is divergence or not? No it does not with Tesla. We are closer to the potential low around 600, but will the low come? I am 60% sure that we will see 600 area but that means 40% chance is there to miss this amazing company at this price, so why bottom hunting? Just get in and get out with 25% profit.
One idea to buy Tesla now and average until it reaches to 600 and sell it around 800+. No greed please.
Other idea is to buy a put for 600 and call for 900. Expiration date depends upon your risk appetite and account value. And if you are an experienced trader then you know about selling options then go ahead do what you like.
Other idea is buy SPX or SPY or SPY call option. Because if tesla moves indices move as well.
Last idea, if you do not agree on any of these, then post your idea in the comment. I would like to learn as well.
Either you are short term or long term trader, if you end up reading my post that means most likely you are interested in Tesla like me and also probably you also have a doubt in the direction where it can go from here on.
With tesla, one thing I have learned, this stock responds to technical levels (fib levels) that make the life easier. But if you put your emotions into it then Tesla will beat you hard. So no emotions please
Now Red is monthly fib, weekly fib is in Blue and short term fib is in Pink.
I am forecasting it to 624 to be precise and today we are 724 below weekly fib level 78.6%. Last week low was 680. Just notice the yellow circles, it is after a long time at oversold area but without divergence. Whenever it has reached oversold area, it has bounced and it will bounce this time as well.
Does it matter if there is divergence or not? No it does not with Tesla. We are closer to the potential low around 600, but will the low come? I am 60% sure that we will see 600 area but that means 40% chance is there to miss this amazing company at this price, so why bottom hunting? Just get in and get out with 25% profit.
One idea to buy Tesla now and average until it reaches to 600 and sell it around 800+. No greed please.
Other idea is to buy a put for 600 and call for 900. Expiration date depends upon your risk appetite and account value. And if you are an experienced trader then you know about selling options then go ahead do what you like.
Other idea is buy SPX or SPY or SPY call option. Because if tesla moves indices move as well.
Last idea, if you do not agree on any of these, then post your idea in the comment. I would like to learn as well.
Note
If you are watching my post then let's see if we have divergence, so far I don't see it not a good signNote
Target reached 624, possibly 609 , a very good support area to enterNote
How is it going people? Did this help anyone yet? let me know if you need further analysis on this
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Trading Crypto, Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight st
Trading Crypto, Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight st
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