Hello everyone. It's been a while since my successful Tesla setup below. It's very interested to re-visit the stock after recent sell-off despite better-than-expected earning report.
Actually Tesla has dived more than 35% from the high created on early Nov. 8th of last year. By using the VSA, the diminished volume suggested that buyers' incapability to move the price higher.
1. Anchored VWAP: I chose two obvious places as start points for AVWAP on Jan and March of last year. Two met around $800 which served as a solid holder to keep price from going lower. In addition, I selected the historic high to identify the possible trouble level. It sat just above the $1000 key whole number level($1027). I will use it as a short-term trouble level.
2. The recent bounce from $792 was also in line with the weekly demand zone sitting around. If you look at the chart, it also happens to be the flip zone below bear trap.
I've put other write-up on the daily chart for the setup
Give me a like if you're with me.
Thanks for your support.
Actually Tesla has dived more than 35% from the high created on early Nov. 8th of last year. By using the VSA, the diminished volume suggested that buyers' incapability to move the price higher.
1. Anchored VWAP: I chose two obvious places as start points for AVWAP on Jan and March of last year. Two met around $800 which served as a solid holder to keep price from going lower. In addition, I selected the historic high to identify the possible trouble level. It sat just above the $1000 key whole number level($1027). I will use it as a short-term trouble level.
2. The recent bounce from $792 was also in line with the weekly demand zone sitting around. If you look at the chart, it also happens to be the flip zone below bear trap.
I've put other write-up on the daily chart for the setup
Give me a like if you're with me.
Thanks for your support.
plan your trade and trade your plan
