Watching TSLA For A Bounce Trade

October 12, 2014 0 Comments

TSLA really took a dive on Friday. It appears that the news was not what investors were expecting. Let’s take a look at the chart.

tsla

As You can see TSLA dropped over 20.10 and landed right on the 50% retracement level from the May low to the September high. I am watching TSLA for a bounce play. If TSLA can hold that level then I will be looking to buy calls for a day trade. A break of that level I will be a put buyer with first target at $220 area. On another note that was a really nice bear flag up into the $260 resistance area. Congrats to those that caught it.

NOTE: There is a good chance that if I see a possible swing trade in TSLA that I will be sending out a special alert Monday to my email subscribers. If you are not a subscriber, why not take a chance on getting some amazing trade alerts? It’s free!

 

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