TSLA Rejects Upper End of Symmetrical Triangle

16 Mar 2022

For the last month, price has been bouncing between two ends of a symmetrical triangle. Earlier today, price hit that upper end and, as expected, faced stiff resistance prompting a rejection of that level and a drop in price. Bearish broad market sentiment, likely fueled by the Fed's interest rate hike, further contributed to the price drop. RSI also hit a resistance of its own, around the 50 level, and will likely drop down lower in coming days. All of these together make this a great TSLA short opportunity. Place a stop loss at the $830 level. PT#1 is around $770, the lower end(support) of the symmetrical triangle. If this breaks down, as it likely will, we could see a more substantial drop putting PT#2 at $700.

16 Mar 2022

Trade aktif

Obliterated that $830 level. Revised stop loss at $840.