TSLA 
TSLL Tesla has currently showcased two very bullish setups with one already taking place.
Over the past 2 month we've seen TSLA swing dramatically from a high of $368 to a low of $278 while producing lower highs and higher lows AKA a wedge formation.
Wedge formations are a low probability set up and typically produce a 50/50 breakout, however there are a couple of bullish signals on the weekly chart that have kept me in my TSLL position expecting a retest of either the $368 high and/or $490.
Bullish insights -
1 - After a strong push above the 21d EMA, TSLA had a 2 legged pull back with last week being a short failure and closing above the 21d EMA
2 - this week's candle retested the breakout trendline and closed in a very bullish candle.
3 - Tesla's $488 high was an overshoot which produced a strong breakout to the low end, however there was no new high formed meaning there is a high probability chance that we will revisit ~$500.
Trade set up Idea:
If next week's candle forms higher than this weeks bullish candle, target is $368, Stop loss is set at $306 for a 1:1.5 Risk vs reward.
Or
If next week's candle forms higher than this weeks bullish candle, target is $348, Stop loss is set at $306 for a 1:6.5 Risk vs reward.
I'm holding for the second one ;)
Current position - 7400 shares of TSLL
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.