Tesla - It was a clear fakeout!

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TSLA just confirmed a false breakout and is now reversing towards the downside.



Being able to only read price action properly can already make you a profitable trader. Tesla was attempting a triangle breakout last month but closed with a significant bearish wick. Therefore this is considered a false breakout and Tesla will head lower over the next couple of weeks since it is still trading below the resistance trendline. This was just pure price action.

Levels to watch: $160, $120

Keep your long term vision,
Philip - BasicTrading