TSLA just took out the prior pivot high that I was talking about last Friday (click here). I have begun positioning for the next move lower by selling Dec 29th $355 calls. I have started small as is typically the case and will add to the position over the next couple of days. I received a credit of $0.90/share. I typically also day trade/follow a stock more closely while I am waiting for the pivot high and change in trend direction to get underway in earnest.
I will be tweeting/posting when I become more convinced that the new trend direction has begun. The stock may stay elevated until year-end, but I don’t think we are going to get above $350 before year-end.
Cheers … Leaf_West
Further to my post of earlier today about soybeans, it looks like bonds are at a possible pivot point here now … Continue reading
I last updated TSLA on October 17th (click here) last week. The firing of the weekly price squeeze looks like it is starting and as I thought, it looks like the squeeze is going to fire to the downside. That would make it 4 in a row to the downside. I continue to hold bearish option positions in TSLA. Here are the charts … Continue reading
There has been lots of what I would consider as being negative news on TSLA lately. That includes company-specific items along with news from competitors about their own EV product plans. I continue to trade TSLA intra-day most weeks as I await the appropriate time to start with my next longer-term short position. Today I started that short position via options (I sold bearish Nov monthly expiry call spreads). Here are how the charts look to me … Continue reading