Note what happens when TSLA shares hit a 2-month high on the indicator "range movement". If you get oversold readings, you get a lower-risk buy signal. On the other hand, when you see a 2-month low on the range indicator, you see opportunities to sell short on rallies.
The CCI isn't oversold yet and earlier today it was closer to 'zero' when it was in the 224 range.
This is a long term forecast with a wide stop, but it is instructional to see that TSLA is still having a much easier time putting together rally days. Now that it is the beginning of a new quarter, it isn't uncommon for Portfolio Managers to lighten up on their winners to test them to see if they hold. The shorts get a break, but they ought to be there ready to buy back their shorts on every dip.
Risk here is wide, but I'll see what I can do to fine tune a specific entry since this signal is old, but working.
Tim 227.76 last -1.67 11:58AM EST
The CCI isn't oversold yet and earlier today it was closer to 'zero' when it was in the 224 range.
This is a long term forecast with a wide stop, but it is instructional to see that TSLA is still having a much easier time putting together rally days. Now that it is the beginning of a new quarter, it isn't uncommon for Portfolio Managers to lighten up on their winners to test them to see if they hold. The shorts get a break, but they ought to be there ready to buy back their shorts on every dip.
Risk here is wide, but I'll see what I can do to fine tune a specific entry since this signal is old, but working.
Tim 227.76 last -1.67 11:58AM EST
Subscribe to my indicator package KEY HIDDEN LEVELS $10/mo or $100/year and join me in the trading room KEY HIDDEN LEVELS here at TradingView.com
