Tesla looking to continue its down trend this Friday.
![](https://tradersalley.com/wp-content/uploads/2024/01/TSLA_2024-01-12_09-22-40-1024x728.png)
On the daily chart, the 9-period SMA is still below the 20. The day closed out with a pretty fat candle to the downside, not much of any wick on the top, signaling lack of buyers even fighting for the price.
![](https://tradersalley.com/wp-content/uploads/2024/01/TSLA_2024-01-12_09-24-52-1024x728.png)
On the intraday chart, yesterday finished right at the VWAP midline. I read this as a perfect setup for the stock to continue to sell off, since it means at the end of the day that the market makers had reached a price consensus and won’t be trying to even anything out at open.
Trade Idea:
Price Target: $225
Options Contract: 19 JAN 24 225 PUT