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TSLA – Chart of the Week for January 18, 2024

by | Jan 18, 2024

Most of my Charts of the Week have been bullish.

This week I’m changing things up with a bearish pick for you.

 

This Week’s Chart

This week’s Chart of the week is Tesla (TSLA).

TSLA has been in a consolidation phase since making the high in the summer.  We broke down below the Roadmap line (RML) back in October. (see the chart linked down below)

Then we rallied back up to retest the downtrend we started off that summer high.

TSLA tried hard, but ultimately rejected at that resistance.

Now TSLA is set up for going to a lower low than we saw back in October.

Entry is now around/below $213.  Consider putting a stop in on a break back above $235 (maybe stop on a move above the RML).

The conservative target is the prior October low around $194.

The main target would be a move down to new lows around $178.

I am long TSLQ as my way to play <– Not a recommendation, just an idea, I used shares.

 

The Chart

You can go check out my chart marked up with notes (entries, targets, etc) right here: https://www.tradingview.com/x/62glzRKl/

Good Luck!

— Jeffry Turnmire

 

PS> If you want more potential setups like this one every week, consider grabbing a subscription to my Market Roadmap indicator. Market Roadmap is my custom-built TradingView indicator that helps me spot many of the trades I post, including this one. If you’d like to grab Market Roadmap for yourself — and get access to some of my private Discord channels, too  — just click here to pick it up for $5!

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