Trading the Trend: long Tesla
As Tesla shares are recovering from their September low, we would like to buy these with an upside target around the $300 mark and a tight stop-loss at $234.60.
(Video Transcript)
Long soyabeans still an option
Hello and welcome to this week's Trading the Trend on Wednesday 4 October 2023.
Last week, we went long soyabeans and we did so around 1,322 but then the price of soyabeans actually fell further but we didn't get stopped out because our stop loss was below the late June low of 1,245.
So this trade is still valid and what we can now do is raise our stop loss to the last low here just below the late June low of 1,256, for example, and see whether we get back into positive territory on this trade.
Long Tesla looking positive
And this week what I would like to do is to look at the Tesla share price, because it is still in an uptrend as you can see here. We've had a series of corrections within this uptrend but I expect that these are now over.
Therefore, what I would like to do is to go long Tesla at around current levels at around $245 to $246 with a stop loss below the important last reaction low that's to say the late September low at just below $234.60 on this daily financial bet and an upside target around just below the $300 mark.
So this week's Trading the Trend is to go long Tesla shares at around current levels with an upside target of $300 or so and a stop loss at $234.60.
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