Sold NVDA at $141, Sold & Shorted TSLA at $270. Records in my post history.
It’s funny how $Tesla (TSLA.US)$ and $NVIDIA (NVDA.US)$ are both hype stocks but you analyse them using methods of completely different ends.
I’ve posted on the $NVIDIA (NVDA.US)$ reversal before it happens using full technicals such as the KDJ Death Cross, Upper BOLL bands and price volume divergence. I’ve signalled and posted about the $141 top and the $118 support line. I have mad respect for NVDA as it adheres to the signals of TA.
On the other hand, oh boy there’s $Tesla (TSLA.US)$. This ticker moves like a maniac and whilst fundamentals and technicals need to be shelved, TSLA trades are a 2 sided coin. The Bullish TSLA trades widely on emotions and sentiments whilst technicals come in heavy amid a Bearish TSLA.
So here’s my personal view of TSLA’s upcoming move.
Zoom out of the TSLA map and you’ll see we’re on a long-term downtrend move. Using the Elliott Wave theory, what we experienced last week was a pullback from a multi-year bearish trend. If the wave theory is right, we’re looking at a long-term fall to sub $100 which could be easily starved if Musk delivers at market expectations in its upcoming automation plans.
There are 3 key levels to watch in TSLA and bear in mind, that these levels are alterable as I’ve mentioned earlier, TA is shelved when the bulls enter. These levels are each more important than the one before.
$230 - this is the immediate level to watch as the bullish breakout began at this level. A fall back below this level will cancel any claims of bullish reversal and reinstate TSLA to its bearish trend. I would suggest ‘NOT’ going long once it dips below this zone.
$200 - being both the EMA 200 line and round hundredths; this is where I think the bottom is most likely going to be. Institutions and wide retail will form strong support at this level because the market is still bullish on the future TSLA outlook. There’s no reason for this stock to signal long-term bearish trends as It simply diverges from its future growth plans.
$100 - Ultimately if TSLA fails to hold both support lines, we can expect TSLA to undergo a slow and agonising fall to $140, followed by a minor pullback and continue its drop to $100 in a timeframe of 1-2 years.
For what it’s worth, I would strongly suggest not jumping in on any of TSLA’s first reversal candles and always wait for confirmation. A breakdown below any of the above lines will signal a stronger downfall and pullbacks are expected with all the magical tweets from Musk.
Remember to scale down your positions in frenzy stocks. Never go all-in on something that trades on vibes.
P.S I am not proud to have shorted a company but we’re all here to earn. Hence, no reasons to not earn on both sides.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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I’ll like a glass of wine, some crayons and a typewriter
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Buzz killington : Dang that’s amazing let’s see your p.l ?
cnkj OP Buzz killington : Neither am i here to brag nor to showcase my P&L. Focus on the support levels.
Buzz killington cnkj OP : What about a screenshot of your chart today with just the buy and sell signal? There’s no harm in that if you don’t want to that’s cool that’s pretty amazing so wanted to see
cnkj OP : Transaction details. My signals are in my post history where i described rationale of my move.
On track for a correction - according to technicals
Freddy Puts : Same. Seems too easy
cnkj OP 104862890 : I’m not an oracle and no one can truly answer you. Predicting upward movement of Tesla is extremely difficult.
However, if I’d take a stance, TSLA will face resistance at $239, hitting yesterday’s EMA9 and a failure to break over will result in further slip.
Look into the chart of yesterday and you’ll see it bouncing perfectly off EMA9 as support. However, yesterday’s support has became today’s resistance.
Learn to Trade : Holee fuk! I wish i understand all this BOLL and KDJ thing and HOW to see them on the graph.
cnkj OP Learn to Trade : Frankly, it’s not that hard. Turn on EMA and BOLL indicators. Set your EMA to 9 days, 20 days and 200days. You’ll see a bunch of lines on the daily chart.
EMA are like imaginary walls which is harder to pass thru, both as resistant and support.
BOLL is the playing field. If you’re out of it you need to get back in asap.
Following these will pump up your accuracy by leaps.
Learn to Trade : I have call option expires 19/7/24 135, whats my chances?
cnkj OP Learn to Trade : I can only say ‘all the best’
wont jinx it for you
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