We have seen an impressive relief rally from $Tesla Motors(TSLA)$ Bullish, this was abullishleg, inside abearish trend. Still juicy and very profitable.
It made a recent low in the 100's level, where we saw an importantvolume, which can be characterized as a capitulation on the segment that went from its ATH to the 100's This volume was composed of liquidated long and covered short positions. The volume has been shortening as it reached the top above the 200's level.
Usually after a relief rally like this we can expect a retracement looking to gather more lows and discover the next support. If it is above the 100's level we will have a positive momentum divergence + abullish volume+ a double bottom or a W pattern and this is absolutely very bullish.
I am bearish on the leg that heads to the double bottom, but I will turn Bullish when this will turn around and heads north after the tree will have been completely shaken.
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