TSLA - Staying away from this stock until $353.2 was recovered
$Tesla Motors(TSLA)$ Last week, the Weekly Compass presented the following chart in the premium section for paid subscribers. The shooting star served as a warning sign, finding resistance at a key level detailed in the publication. When such reversal signals caution against long positions, it becomes essential to establish a clear "line in the sand" using support and resistance levels.
The numbers on the left side of the chart indicate the levels published last week for the period that just concluded. These levels anticipated that TSLA needed to recover $353 to consider a bullish continuation and a potential invalidation of the bearish setup (green arrow).
Conversely, the $330 zone was highlighted as the minimum downside target. While the willingness to accept a fall from $346 to $330 depends on individual risk tolerance, breaching that zone presented a major warning even for investors.
The disciplined application of these levels suggested staying away from this stock until $353.2 was recovered, given a significant underlying signal.
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