Remain short with #Tesla | 02 August 2019

 #IBM weekly

Technical observation

#IBM continues to rally upwards above the zone 140.20-137.91 it penetrated above a few weeks ago. My expectation is a pullback to the zone followed by a bounce within it for bullish movements towards the key line 172.70 and a possible breach above it for a further increase in value of this company’s shares. My advice, wait for a correction to the zone 140.20-137.91 and a rejection within it to buy #IBM with your take profit at 172.70 and stop loss at 126.84. As long as #IBM is contained above the zone 140.20-137.91 only long positions look ideal and may be recommended on the weekly chart above.

Trade recommendation

Wait for a correction to buy #IBM.

#FedEx weekly

Technical observation

#FedEx is still rising towards a resistance zone it established around 184.83-181.81, I expect a loss of this upward momentum within the zone for possible bearish rally towards the key line 144.94 followed by a penetration below it for a further decline in value towards the lowest key line 101.77. My advice, remain neutral temporarily and wait for a retracement to the zone 184.83-181.81 and a rejection within it to sell these shares with your take profit at 144.94 and stop loss at 198.46. Should there be no rejection within 184.83-181.81 but a penetration above it then bullish movements of #FedEx may be expected.

Trade recommendation

Remain neutral temporarily.

#Tesla weekly

Technical observation

Last week, this commodity went down with a big red candle as I had predicted and I still expect more bearish movements towards the key line 181.67. If you went short within the resistance zone 258.83-252.37, hold on to that position with your take profit at 181.67 and stop loss at 287.01. In case this take profit is hit and there’s a clear breakout below it with a big red candle then more bearish movements towards the key line 97.01 can be expected after a retracement. On the weekly chart above as long as #Tesla is contained below the zone 258.83-252.37, only short positions look ideal and can be advisable.

Trade recommendation

Remain short.