#StockIdeas: Tesla Motors bounce off hourly 50ma, go long for $145 target! | #TSLA
Updated December 11, 2013 ● 1,338 views
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Tesla Motors (TSLA) is one of my favorite stocks to trade. I made good profits on both calls and puts positions.
TSLA has been bullish lately after it was hit big because of fire incidents. After reaching $145 last week, it retraced back below the 78.6% Fib level. The hourly 50 Moving Average is just sitting at the 61.8% Fib level. That would be a good signal to go long for a possible bounce.
Go long on possible bounce from Moving Average.
If you look at the hourly chart from TSLA today, it dropped off to $134.21. There are 2 signals that prompted me to go long for the anticipation of a bounce:
- That price is just at the 50 MA.
- That price is at 61.8% Fibonacci Retracement level.
Determining the trade.
- The price target here is $145. That is the 100% in the Fibonacci Retracement.
- To limit risk, put stop-loss below $135.
- If it breaks above $145, you should buy more position to target $160!
ACTION: Bought JAN150c options. Bounced off from $134.21, close $141.48. Calls already up 20%.
Also read: How To Trade Using Fibonacci Retracements | #FB #TSLA
Past trading performance:
Reached $145 target. Call up 80% in one day trade!!!
David · 10 years ago
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Could get to $145 today
David · 10 years ago
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TSLA is trading at $142 AH!!!!
David · 10 years ago
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