Tesla potential short through support down to $260

27 Kas 2019

On an overall trend, TSLA has been forming lower highs if you extend the view on a weekly chart. The new low at $360 based on the previous high on a larger timeframe suggests another impulse move lower. The pop above $300 was due to the earnings report that managed to beat finally on a positive note which got investors extremely excited. We suspect some more downside to erase some of the earnings euphoria after the release of the new Tesla truck. There is a level at $310 that may hold support based on market structure. The move is very overextended from the Fib extension hitting the 161.8% extended level before showing signs of resistance. A break of $310 will open the downside and a potential gap fill into $260.

30 Kas 2019

Not

Disclaimer: This trade idea is for educational purposes exclusively, this does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.