TeslaДлинная
TSLA closes above 20MA. Bullish Signs
Greetings All,
TSLA just closed above the 20MA, but encountered resistance around the 50MA ($717), which is very close to the current pivot ($725). A bullish pennant has formed on the daily, which is usually an indicator of bullish continuation of the most recent trend (which was to the upside). In addition, we have a bullish MACD crossover on the daily. TSLA has stayed above the 200MA (bullish), even though the TECH sector has been in a major corrective pattern for the last few weeks. I expect a bit more upside to TSLA, and then more correction as TSLA completes an ABC correction pattern. If TSLA breaks to the upside, target the next level of resistance at $850 at R1. Otherwise, S1 ($625) is back in play. Options flow today was 65% bullish , 35% bearish on TSLA.
Happy Trading!
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
TSLA just closed above the 20MA, but encountered resistance around the 50MA ($717), which is very close to the current pivot ($725). A bullish pennant has formed on the daily, which is usually an indicator of bullish continuation of the most recent trend (which was to the upside). In addition, we have a bullish MACD crossover on the daily. TSLA has stayed above the 200MA (bullish), even though the TECH sector has been in a major corrective pattern for the last few weeks. I expect a bit more upside to TSLA, and then more correction as TSLA completes an ABC correction pattern. If TSLA breaks to the upside, target the next level of resistance at $850 at R1. Otherwise, S1 ($625) is back in play. Options flow today was 65% bullish , 35% bearish on TSLA.
Happy Trading!
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
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