TSLA looking good with MA5 / MA20 meet; Earnings coming up next Wed 18 Oct!
Price Action
- Since the bounce off bollinger band at 432, TSLA has been on a controlled buy channel ==> Controlled means there are also controlled selling as can be seen on the right 30mins chart)
- Price action has since gone above MA50 and now with the MA5/MA20 touch, it bodes well and should be gunning for the upper bollinger band and target level 280
- That will coincide with QQQ hitting upper resistance too
- On daily chart, it has 2 trend lines as resistance, but we look at structures more than trend lines as the latter is quite subjective
- Since the bounce off bollinger band at 432, TSLA has been on a controlled buy channel ==> Controlled means there are also controlled selling as can be seen on the right 30mins chart)
- Price action has since gone above MA50 and now with the MA5/MA20 touch, it bodes well and should be gunning for the upper bollinger band and target level 280
- That will coincide with QQQ hitting upper resistance too
- On daily chart, it has 2 trend lines as resistance, but we look at structures more than trend lines as the latter is quite subjective
What TSLA needs to do
- Simply again, it needs to stay above 255 ==> Any pullback to 255 can be a near term long opportunity
- Get to 280 and there is a gap to fill up to 292 and then 300 can be possible
- TSLA just needs that higher high above 280
- Simply again, it needs to stay above 255 ==> Any pullback to 255 can be a near term long opportunity
- Get to 280 and there is a gap to fill up to 292 and then 300 can be possible
- TSLA just needs that higher high above 280
What I intend to do
- Sell additional puts at 232 and 209 or 219 strikes
- Watch for 255 to hold
- Sell additional puts at 232 and 209 or 219 strikes
- Watch for 255 to hold
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