I’m pretty bored with the EVE markets. They are just maker-taker markets with little volatility and it’s very easy to identify a winning spread and market pvp until you’re on top.
I was wondering if we can just talk actual markets.
TSLA for instance is as bearish as it comes…
Shorting it was the right decision this time.
Look at this.
The intraday 5 min is weak. 20 EMA is moving below 50 on the fibbonacci for each low to high tend.
What that suggests is that the highs are really high for very little impact on the 20/50/100 EMA ceiling.
Or that is to say bulls are paying a premium to try and raise the price. It is a high-resistsnce up trend meaning it can’t last in the short term.
It keeps hitting new highs on resistance which is normally bullish for a breakthrough, but the weakness in the EMA movement is a contraindication.
The 1 Month is already upside down. The 20 is below the 50 is below the 100.
This indicates bearish trend on TSLA.
Despite bullish candles, very little movement in the 20EMA.
And the candles are pulled down or squeezes into low hammers (see next pic) by too many sellers.
For this candle to be bullish its body must be above the 38.2% but it’s not so it indicates weakness.
The 3 month is even worse. Really bad actually.
For this ceiling to be broken a price movement should appear to have shot through the 20 into the 50 and even past the 100.
It did no such thing at all. It barely moved into the 20 at all.
Historically this indicates a correction. 5-10%
TSLA is a weak bear stock right now. Ready for a correction before a bounce. At least for next 3 months.
