In my previous blog dated August 31st, I mentioned about bearish triangle breakout pattern being active below $290 level. It actually does break last week and we tested all the way to 266 level as per my previous prediction. As per 4 hrs chart, that triangle breakout on the downside is still active below 290. This morning Delaware court denied Must request to delay the Twitter trial but approves the request to add whistleblower claims. Based on this news with overall market reaction, $TSLA bounced back from $273-$275 to $283 level.
What’s next for TSLA?
In the coming weeks, we are going to have Fed speaker Powell on deck tomorrow along with some important data on inflation later this month and FOMC meeting. The market is at very important junction. $SPY tried a couple of times to break the 390 level but failed and it rallied. If any reason $SPY breaks the 390 level once again, then higher chance that $TSLA will move lower significantly from the current level. Just keep in mind that the bearish triangle pattern will be voided above 290 level. It has room to fill the gap at 250. My project on $TSLA is that before end of this month $TSLA will try to fill that gap of $250.
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