Tesla (TSLA) has recently cleared the $1,000 level, or the tenth Century Mark as we discussed in this weekend's Focus List Review. It is now failing for the second time at the $1,000 level, triggering Jesse Livermore's Century Mark Rule in Revberse for the short side. In this case one would enter the short as close to $1,000 as possible (remember that 10 points = 1%) and then use the $1,000 level as your covering guide. Below is a weekly chart showing an interesting punchbowl type of formation. If it fails at the 10-dma and 20-dema from here then it would confirm as a Punchbowl of Death (POD) short-sale set-up. This would also likely occur during a general market correction from current levels.
Short-Sale Set Up - Tesla (TSLA) 6/16/2020
|Published:||16 Jun 2020 14:25 ET|
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