Since TSLA hasn't made a new high in 5-days, a downtrend may be in place.
Therefore, count the number of days at one price starting at the high (which you can see is 7 from 280-281).
Next step was to look for the market to hold under the mode. Once under the 280-281 mode for an entire session, count that day as #1 and 7th day is today, which ought to mark the bottom of the current downtrend.
Comments on strength: The recent rally to 292 exceeded the strength implied by the consolidation around 262, which is bullish. Then TSLA fell more than was implied by the 292-272 range in the 7-day time-at-mode setup. That weakness reversed the previous bullishness.
I'd look for a move back to the 262-264 area.
Tim 250.38 last 9/23/2014 2:52PM EST
Therefore, count the number of days at one price starting at the high (which you can see is 7 from 280-281).
Next step was to look for the market to hold under the mode. Once under the 280-281 mode for an entire session, count that day as #1 and 7th day is today, which ought to mark the bottom of the current downtrend.
Comments on strength: The recent rally to 292 exceeded the strength implied by the consolidation around 262, which is bullish. Then TSLA fell more than was implied by the 292-272 range in the 7-day time-at-mode setup. That weakness reversed the previous bullishness.
I'd look for a move back to the 262-264 area.
Tim 250.38 last 9/23/2014 2:52PM EST
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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
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.