Here’s how you can take a ride in a Tesla ($TSLA) (September 29, 2020)

by DAN TSLA 
I want to take a quick look at Tesla ( NASDAQ: TSLA ) here. This stock is still in the same pattern that I have been seeing for a while and that is lower highs, and you can see, there’s 1 point, 2 points right here, and 3 points there. It takes 3 distinct points to make a trendline; here we have just got 2, this one and this one so we’ve got 2 trendlines here.

But you can see what’s happening, we are getting these lower highs and higher lows so there’s some convergence here. Tesla ( NASDAQ: TSLA ) has been a monster. It can be really tough to trade unless you are doing it fairly short-term.

So what I would be doing here is; hopefully, I will see a pullback; if you get a pullback to 380.00 or so, something like that, then watch for a rebound. Then that’s when you could take this for a short trade, not short selling but just a brief trade I should say. Because again, resistance is getting pretty low, support is getting pretty high so the stock is just not going to be making these big swings like it did, say, back there.

But on the other hand, if it doesn’t pull back, if instead it moves higher, and I will say above 440.00, that’s when I think you can take this stock again and this would be a pure momentum trade and then you see how high you can get it going.

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