I analyze on daily and weekly chart. Here are the list of indicators that Tesla is going down:
1. 100 SMA and 25 SMA crossover on weekly timeframe. SMA crossover is the first indicator I look for because it is the first indicator to show up.
2. Support line is being break by today's candle from the consolidation in the past month and the support from past few months. You can see my support line in color white in my chart.
3. -DI is above the ADX and the +DI is below the ADX which means it is very bearish. The slope of the ADX also counts. The higher the slope, the stronger the signal.
I'm currently looking for 130-150 for possible support. My first signal to close the position is when the -DI goes under the ADX but I will still wait for further indicators of reversal before taking profit.
1. 100 SMA and 25 SMA crossover on weekly timeframe. SMA crossover is the first indicator I look for because it is the first indicator to show up.
2. Support line is being break by today's candle from the consolidation in the past month and the support from past few months. You can see my support line in color white in my chart.
3. -DI is above the ADX and the +DI is below the ADX which means it is very bearish. The slope of the ADX also counts. The higher the slope, the stronger the signal.
I'm currently looking for 130-150 for possible support. My first signal to close the position is when the -DI goes under the ADX but I will still wait for further indicators of reversal before taking profit.