Hi Traders,
The Electrical Car company Tesla (TSLA) Has started consolidating in a symmetrical Triangle, This could signal a continuation of the instrument. We had a strong impulse to the downside till 665.55 where price then stopped to give a pullback.
The pullback has created a lower high and then proceeded to form the triangle, I am now waiting for the completion of the triangle to see if price may indeed respect the upper Trend Line and give a push to break the lower TL.
If this does happen I will be waiting on price to retest the TL and support which will be enough confluence for me to enter a short on the stock.
This one could take a while to play out so be patient, My target will be at 500.
Renaldo Philander
The Electrical Car company Tesla (TSLA) Has started consolidating in a symmetrical Triangle, This could signal a continuation of the instrument. We had a strong impulse to the downside till 665.55 where price then stopped to give a pullback.
The pullback has created a lower high and then proceeded to form the triangle, I am now waiting for the completion of the triangle to see if price may indeed respect the upper Trend Line and give a push to break the lower TL.
If this does happen I will be waiting on price to retest the TL and support which will be enough confluence for me to enter a short on the stock.
This one could take a while to play out so be patient, My target will be at 500.
Renaldo Philander