tsla short - near term
Looking at the hourly chart, seems like tsla is ready to break down towards support at about 730. There will test additional uptrend and horizontal support. With a general trend downwards to possible reach the 600 levels.
Low volume towards the close on Friday, OBV pointing lower trend, barely resting on the 50 MA currently, and could not break with conviction above the 800 mark.
Tried twice the higher end of the Fibonacci resistance levels as seen on chart, without success of breaking further.
Looking into fundamentals and general hopes and optimism, I think it is all priced in and has reached the limit. So to be long on this stock is just to far fetched at this point, no risk-reward.
Low volume towards the close on Friday, OBV pointing lower trend, barely resting on the 50 MA currently, and could not break with conviction above the 800 mark.
Tried twice the higher end of the Fibonacci resistance levels as seen on chart, without success of breaking further.
Looking into fundamentals and general hopes and optimism, I think it is all priced in and has reached the limit. So to be long on this stock is just to far fetched at this point, no risk-reward.
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