Tesla – Price Action Favoring A Sell On Pullback | Mar 1
My Current Active Open Trades: EURUSD, EURGBP, AUDUSD, AUDNZD, XAUTHB
Tesla – Looking to Sell On A Pullback (4hr chart)
After tagging the all time highs around 286 (3rd time in a few years), you’ll notice a 2nd failed attempt followed by impulsive selling over the last three days.
A long term look at the Tesla price action on the charts shows the stock has been in a large range between 150/80 and 286 for the last few years. I think this latest sell off will create a pullback which will likely be sold again to produce new yearly lows.
Hence I’m looking to sell on a pullback. The most ideal location is near the all time highs around 286, however there is a decent resistance zone between 257-265 as shown on the charts.
If this zone holds, I’m expecting a move towards 243 (recent swing low) and potentially round trip back down towards 180 where the most recent run to 286 began.
Only a daily close above 290 would negate my bearish bias.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book