• Price is currently trading BELOW the downtrend trend-line.
The downtrend is confirmed from the MAs cross observed- MA 10 cross under MA20.
• is BELOW the equilibrium level- 50. Momentum.
With a break (daily close) below the support S1, we will recommend SHORT POSITIONS for the no position holders on TESLA . Take profit at 171.00 area and then at 140.00(S3) and stop loss should be a bit above the S1, thus the stop loss is at 191.00-190.00 area.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
While sentiment remains , it is too early to recommend any long position. Therefore we are waiting for a reversal move – FAILURE SWING BOTTOM. Then long strategy will be with take profit at R1-R2 and R3 and stop loss a bit below the S1.