A look at TSLA fundamentals shows light at the end of the tunnel. TSLA published its first ever profit on Wednesday increasing the stock price by just under $10.
The technicals display a strong support around $190-$195. After 18 months of correction from the late 2014 high of $285; there was a strong bounce off the 0.5 fib to the resistance level at $265. The falling wedge that has occurred in the price action subsequently has narrowed the rang towards the confirmed support.
Indicators are also positive. The OBV levels also illustrate a even stronger falling wedge which, on expected breakup, would catapult the volume - and price will follow. The RSI has developed into a triangle, that once broken will show even more strength in price.
Imo TSLA looks primed for a long position, with a stop at $188 and T1 sitting on the resistance at $262. The R/R is 3.79 and we're looking at a near 30% rise on the upside.
Happy trading!
The technicals display a strong support around $190-$195. After 18 months of correction from the late 2014 high of $285; there was a strong bounce off the 0.5 fib to the resistance level at $265. The falling wedge that has occurred in the price action subsequently has narrowed the rang towards the confirmed support.
Indicators are also positive. The OBV levels also illustrate a even stronger falling wedge which, on expected breakup, would catapult the volume - and price will follow. The RSI has developed into a triangle, that once broken will show even more strength in price.
Imo TSLA looks primed for a long position, with a stop at $188 and T1 sitting on the resistance at $262. The R/R is 3.79 and we're looking at a near 30% rise on the upside.
Happy trading!