TSLA: Relief Bounce
So TSLA hit my previous short target of $223, and actually fell a little lower to $212.
This is great because $212 is an even better place of support than 223, with previous lows in May-June 2022 and the previous highs from Feb-May 2023 now both acting as support.
Another reason why this is a great place to profit off of the relief bounce is because of the confluence of 1W MA and 1M MA acting as support around the $200-$220 area.
Another point to make is that we have bounced off the green RSI Bollinger band, with still some room to go higher before hitting the red.
Again, this is a relief bounce, and not a continuation of the bull run. I believe we will get to around $243-$245 before we see another leg down. This corresponds to the previous support levels seen earlier this summer (now turned resistance) and the 0.382 fib retracement level.
With the overall market turning risk-off (see DXY and 10USY), I think tickers like TSLA and NVDA won't do so well for the rest of the year. Until we see TSLA break through the top long term trendline, I think we will continue seeing sell pressure.
This is not financial advice. Do your own research and trade at your own risk.
This is great because $212 is an even better place of support than 223, with previous lows in May-June 2022 and the previous highs from Feb-May 2023 now both acting as support.
Another reason why this is a great place to profit off of the relief bounce is because of the confluence of 1W MA and 1M MA acting as support around the $200-$220 area.
Another point to make is that we have bounced off the green RSI Bollinger band, with still some room to go higher before hitting the red.
Again, this is a relief bounce, and not a continuation of the bull run. I believe we will get to around $243-$245 before we see another leg down. This corresponds to the previous support levels seen earlier this summer (now turned resistance) and the 0.382 fib retracement level.
With the overall market turning risk-off (see DXY and 10USY), I think tickers like TSLA and NVDA won't do so well for the rest of the year. Until we see TSLA break through the top long term trendline, I think we will continue seeing sell pressure.
This is not financial advice. Do your own research and trade at your own risk.
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