In a bearish trend on Tesla, we are going to be shorting Tesla stock further till the $650. The market currently is residing at the resistance level. This level if respected, will tap the market to continue moving down. Market has formed lower lows and lower highs. With this structure, we need to attend to the bearish trend as towards the support level. We will be taking our position towards the lower side once market retests the resistance.

The ascending trendline has been broken out for sells. The candles will validate the breakout sells after the candles have opened and closed below the trendline. Once the validation, we will re enter on the retracement where there is a confluence of trendline breakout as well.

The retracement level of 61.8% resides at the resistance level is in confluence with the overall structure. This would be a prime short sell area once the market retests this.

Both the EMA 50 and EMA 200 are bearish with the bearish death cross. The EMA 50 has been broken out for sells and is retesting the resistance level. This resistance level will be catered to with other technical factors. EMA 200 is above the current market conditions.

RSI and CCI, both are at the over sold levels. The oscillators have fallen in to these levels, need to neutralize themselves in order to gather liquidity for the shorts. Currently, shorting is a risky affair and we will need the oscillators to neutralize at the resistance level. 

Stacking on triple top on TESLA

Jun 14 2022

Stop Loss -8.49%

Holding time 48d0hr

261.36

Entry price

283.55

Stop loss price

1