TSLA ($109.05): Vicious 2-day pullback on Mon/Tues but it still is less than the 2-day pullback experienced in May (19.5% vs 24%) so far. Watch the 4.5% mark below Wednesday’s opening price as that is how much TSLA went below it’s opening price on 5/15 which was a reversal day where TSLA then resumed its uptrend. Be aware of 5/15 1.7% gap down as far as a reference point when watching the premarket action.
Successive closing lows from 9:33-9:39 below the i3ml (initial 3 min low, that is the 9:30-9:33 low) really triggered a lot of negative price momentum in TSLA on Tuesday so watch for a similar set up/lack thereof for a bearish/bullish trigger. Meaning that if you hold the i3ml or i6ml then TSLA could be hinting at a reversal higher. Key support is $107.30, $105, $100. Key resistance is $110.50 and $111.50, above $111.50 & TSLA can test $114-$117. When TSLA holds its 10:00-11:00 low its usually bullish, when it doesn’t its bearish. Expect volatility.
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