Tesla: Bullish Setup

By: TheWaveTrading | Thu, Apr 24, 2014
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Reason: Potential Inverted Head & Shoulder

If Tuesday's lod holds price could be forming an IHS with a theoretical target at 255.

Tesla Daily Chart
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Even if the target seems ambitious the R/R of the setup is appealing as the stop is close by while the upside potential is much larger even if the next assumed up leg stalls at the pivot resistance loctaed at 135.82 (+ 11% from the current price of 211 as I am writing this post).

The MACD bullish cross favours more upside.

So the idea is to go long today with a stop below Tuesday's gap at 204.38.

 


 

TheWaveTrading

Author: TheWaveTrading

TheWaveTrading

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