Fun Fact #19
Did you know that Tesla (TSLA) stock went up over 34 dollars from the opening price today? That’s over 13% up from the opening price to the closing price.
I guess it’s true that TSLA stock moves as fast as its’ cars.
Update: If tomorrow we close green, I believe my April 9th targets will be hit by April 16th instead (one week later).
Today was a glorious day for me, and I’ve gained confidence as a trader. I didn’t sell into the morning gap down panic, and sticked to my trading plan. This morning, I asked myself, “Wait a minute, BABA is within the support zone of 165-175, and it is currently at 167.5 in premarket, why the heck am I not buying it?” And so, I closed my eyes and bought some shares at 167.5. I added some more at the start of after hours since I’m expecting a higher move tomorrow.
Lesson I learned today: The worst time to sell is when your emotions and entire body are begging you to sell.
Today the major indexes opened down about 2% due to trade war news escalating. Despite that, we ended up rallying hard and the major indexes closed up over 1%. Since we went up on bad news, I’m thinking we will close higher tomorrow.
QQQ is back at the 160 level which is the key weekly level to hold. Another up day tomorrow will confirm that we’ve got a short term bottom in place. A test of the 162-164 range tomorrow would not surprise me.
Take a look at the AAPL chart above. Notice how price bounced off the 165 level 5 times in the last two weeks. The rectangle I added shows the minor support level where buyers start getting aggressive. A close below the 165 level suggests a retest of the 150-155 zone. Since we are still above the support zone, I expect AAPL to retest the 175-177.5 level within two weeks.
MU has defended the 49-50 breakout level which is very bullish. The momentum has now shifted to the buy side. As long MU doesn’t close below the 49-50 support level, I think MU has a good chance to retest the 52 week high around the 60-64 level.
MU is down quite a bit in afterhours trading, but I don’t think this will sway the bulls tomorrow.