Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
TESLA: triangle time
2020-10-08 • Updated
It’s time to test our technical tools. Do you remember the triangle chart formation? If you don’t, here is the link, with the other triangles and chart shapes – just in case you want to refill your arsenal. Well, here we definitely have a triangle. So let’s set our trades to test it. How do we do that?
The base of the triangle is the level of 450 – it’s the flat horizontal side that works as resistance. Since the end of August, the stock price has never stepped over it. In the meantime, the lows have been coming closer and closer to the upside and formed an upward-sloped side of the triangle. Eventually, 450 is the level where both sides converge, and the breakout is expected to happen. As this is an ascending triangle, bulls are supposed to take over eventually, so 500 would be the target in this case.
Therefore, prepare your positions. First, watch the crossing of 450 upwards. If it happens, the bullish breakthrough scenario should be gaining momentum. Once it happens, be ready to buy above 450 to close at 500.
Otherwise, in a less likely case of bounce downwards, 400 will be crossed first. If the bearish move goes hardcore, it may reach the depths of 330 again.
Don't know how to trade stocks? Here are some simple steps.
- First of all, be sure you’ve downloaded Metatrader 5. FBS allows you to trade stocks only through this software.
- Open the MT5 account in your personal area.
- Reveal all trading instruments by clicking “show all” at the “Market Watch” window.
- Start trading!
Similar
Bearish Scenario: Sell below 39600... Anticipated Bullish Scenario: Intraday buys above 39750... Bullish Scenario after Retracement: Intraday buys above 39150
Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
Latest news
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...