$TSLA Descending Wedge/Triple bottom? - FOMC bull run

25 Okt 2022

TSLA on the 4h+ext might be making a potential triple bottom here on points 1, 3, and 5.
Lots of support at $200 -- however so far buying pressure has kept it up.
Also a descending wedge has formed + a bull flag descending channel. Both of which are being tested with the current candlestick -- need confirmation for breakout.

Important: This has an expiration leading up to the FOMC meeting on 11/02

Considering the consumer confidence report just came out and the market seems to be bullish in general it might be possible that we push through the double resistance points at $217-220 and $223-225 and make a jump through the gap in the volume profile.
1h+ext and 2h+ext stochastic is over 60 -- however be warned, 4h+ext has yet to receive stochastic over 60, although this could change if bullish momentum continues.

Look for confirmation of breakout over bull flag and downward wedge. Look for confirmation above $225 resistance channel with increasing stochastic on the 4h+ext chart.

PT1: $235 (+8.31% -- Up through the first gaps of the volume profile on smaller time ranges -- this would hit close to the 0.382 fib retracement as well, so watch for resistance cues as well as resistance from the $235 chunk at the volume profile.
PT2 (max): $265 (+21.47%) -- Up through the second major gap of the volume profile -- this would hit closer to the 0.618 fib retracement as well, so watch for resistance here.

Stop loss: $208 -- Confirm rejection off of the previous supports

25 Okt 2022

Catatan

Look for support above $215 for tomorrow's open. Tech earnings were particularly poor in AH; there is a chance that TSLA will be dragged down before the FOMC meeting. If the stock cannot hold the $215-200 resistance and move upwards, then we might have a rejection back down to the low 200s and this pattern would be invalidated.

31 Okt 2022

Catatan

TSLA got close enough to PT1 last week to consider this a hit. PT2 is completely subjective now to the sentiment of the macro leading up to FOMC, and also its reaction to the FOMC meeting this Wednesday.

TSLA *needs* to hold $220-225 double support lines otherwise it will snap back down.

Bulls need to clear $231 to gap up the volume profile to continue the run up to PT2.

Consider taking profits ahead of FOMC meeting or de-risking.

1 Nov 2022

Trading ditutup: target tercapai

PT1 hit this morning. Closing this out. Hopefully y'all took profits as well. At this point small potential that FOMC is bullish for the macro -- if so, we might see a run up again past $230 but right now there's tons of calls against the bulls at $230, $240 and $250 for this week so I would recommend taking profits and de-risking.