TSLA Market Profile Recap and Look Ahead
From Thursday and previous sessions, we established a bearish outlook based on the TPO and Volume Profile charts. Friday's session acts as confirmation of that outlook.
The most significant indication of this is the change in interest at 258.9 from Thursday to Friday's session. On Thursday, 258.9 acted as a secondary point of control, as it was the peak of that lower distribution. This means that in that auction range, there was the most interest by both buyers and seller to trade at 258.9.
This sentiment changed as we quickly moved down from this price after the open and never traded back up. We also see acceptance at the lows, as that's where we spent most of our time trading.
We have a poor low and unlike the poor high from Thursday I expect this low to be revisited and broken pretty quickly. The reason being is because we lingered near the low for most of the day, as demonstrated by the value area encompassing the low. This concept of breaking the poor high/low is called repair as it repairs the structure of the poor low that lacked symmetry without a proper “bottom”.
I would also like to note that while I do not show the volume profile in my screenshot, I do find it important in accordance with the TPO chart. With TSLA over the last few days, the VP chart has been pretty consistent with the TPO structure, which just adds additional confidence to my thoughts.
$Tesla (TSLA.US)$
The most significant indication of this is the change in interest at 258.9 from Thursday to Friday's session. On Thursday, 258.9 acted as a secondary point of control, as it was the peak of that lower distribution. This means that in that auction range, there was the most interest by both buyers and seller to trade at 258.9.
This sentiment changed as we quickly moved down from this price after the open and never traded back up. We also see acceptance at the lows, as that's where we spent most of our time trading.
We have a poor low and unlike the poor high from Thursday I expect this low to be revisited and broken pretty quickly. The reason being is because we lingered near the low for most of the day, as demonstrated by the value area encompassing the low. This concept of breaking the poor high/low is called repair as it repairs the structure of the poor low that lacked symmetry without a proper “bottom”.
I would also like to note that while I do not show the volume profile in my screenshot, I do find it important in accordance with the TPO chart. With TSLA over the last few days, the VP chart has been pretty consistent with the TPO structure, which just adds additional confidence to my thoughts.
$Tesla (TSLA.US)$
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