INTRADAY TSLA. SHORT @ 352. LONG @ 333. Overview -
TSLA is showing declining sales and low vehicle registration in the many countries. Although, that hasn't deterred the stock holder into panic selling, we aren't bullish on TSLA but we aren't necessarily bearish either. The market trend is going to determine the immediate direction today. We will go with a slightly bearish approach on TSLA, mainly because it was rejected from the 365 area despite trying to hold it.
The important levels in the premarket are 343 and 348.
INTRADAY TRADE PLAN -
1. If the stock opens at 345 and plummets to 343, where it confirms strength. We LONG till 348. Take a partial out at 343 and put a trailing stop.
2. If the stock opens at 345 and rallies to 348, where it confirms weakness. We SHORT till 343. Take a partial out at 343 and put a trailing stop.
3. If the stock goes till 343 and consolidates. We observe the volume footprint and side with the sellers if they are dominant. If the buyers show strength instead, then we do nothing and wait for the price to drop lower.
4. If the stock goes till 348 and consolidates. We observe the volume footprint and side with the sellers if they are dominant. We stay back if buyers are showing strength. We wait for the price to drop a little and verify if the buyer strength hold even stronger at the lower levels. Once we confirm it, we go LONG at 345 or 343.
5. If the stock goes straight to 352-355 area. We wait for even the slightest sellers aggression and we go SHORT until 345 area (or any other area where we see buying presence).
6. If the stock goes straight to 333-336 area. We wait for the buyers to step up with a little aggression and we go LONG until 348 area (or any other area where we see selling presence).
