PT 245 - 250. H/S pattern. Buyers weakening on TSLA. Lazy pump.

The H/S pattern is a clear indication that buyers are weakening. If you see the day's price action you'll see that we couldn't even reclaim 262 or close at a weekly high.

Today, there was bad news and pumped $10 from the bottom. Yes we played calls here today (and a failed $40 lotto put), but that doesn't mean this price action is sustainable.

Anyway, "fundamentals" aside, let's look at some price action:

• Buyers pushed the price up from blue TL.
  
• Failed to make a new high. Forming a left shoulder.
  
• Buyers went a little higher this time, but failed again.
  
• Back down to blue TL. I alerted calls here and shares. Paid nicely!
  
• Now, this week, buyers failed to reclaim 262 resistance and enjoyed a fake pump on Friday to close the week.
  
• What happens next is either blue TL dip or white TL dip.
  
• More likely is a white TL dip because that would be 3rd touch on white TL and 4th touch on blue TL. 4th is usually bearish. 3rd is bullish.
  
• I'll buy again on white TL.
  

Hope this is helpful for you. We've been making fire calls all month. Welcome to follow or let me know how this is helping you.

TSLA SPY US100 NAS100

Bình luận:

TSLA down 2% premarket. Might close puts @ open. We'll see.

Giao dịch đang hoạt động:

Sold puts +32%

Giao dịch đang hoạt động:

PT 250 hit.

Giao dịch đang hoạt động:

PT hit.

Has a lot more room to fall to trendline. That may be 230 at this point.

Giao dịch đang hoạt động:

245 hit. LETS GO!

Giao dịch đang hoạt động:

Final price target was white trendline. Finally hit. I will watch for potential reversal soon.

Bình luận:

Chart update. Would potentially watch for a small bounce next week. We'll see.

Giao dịch đang hoạt động:

Demolished all bearish PTs. Will be watching closely this week for reversal.