TSLA SHORT

28 ส.ค. 2022

TSLA

TSLA on the 4 hour chart appears to be in a downtrending parallel

channel and presently at the upper resistance boundary of

the channel. This could also be a megaphone pattern as the channel

is widening a bit as it descends. I see the horizontal resistance of February 2021

market high as resisting any breakout to higher prices.

I see horizontal support below at 190 from the market lows in March and May this year.

The MACD oscillator is in mid-range as is the RSI oscillator. The latter shows

some bearish divergence suggesting an impending reversal.

I see this as a short setup to synergize with the general market

the downturn from the current market price to 190 or until just before

the earnings report in mid-October. This is about $100 of profit

I will set a stop loss of $5 above the current market price Thid

is a great reward-to-risk ratio even if the price gets jammed up

at Fibonacci retracement levels on its way down. The low-costTR bearish ETF

is a consideration as are out of the money put options.