Trader Mike's Notes
This isn't a TSLA note but I wanted to highlight the comeback of many other EV stocks. Check out the recent percentage gains & signals from that industry. It's almost as if people are swapping out of TSLA and into the likes of NIO, FSR, WKHS, LI, etc.
I had orders in for this last week on the 1st & 3rd but the stock refused to confirm the Non-ADX Pullback setups it formed the previous days. I gave up on it after it broke down on Friday (June 4th) but after today's recovery I think it may have flushed out the sellers. Today it formed another "Non-ADX 1,2,3,4" as well as bouncing off its 50 DMA so it's back on my "Ready for Entry" watchlist.
For months I've been watching the bearish divergence in the % of stocks above their 50 DMAs. That indicator turned the corner last week and is suddenly looking much better. That tells me that the market's breadth has improved and is looking the best it has since mid March.
The other thing on that Market Recap page that stands out to me is the index trend table -- it's almost all green, with the exception of the Dow's short-term trend and the ADX / Directional Movement for all the indices. ADX is a lagging indicator but it would be nice (if you're a bull) to see some of those ADX cells turn green (trending up).
The first HOT IPO Pullback setup that I've liked in a few weeks. Looking for confirmation tomorrow.
I almost put a buy order in for this on the 18th but I decided to wait a few more days. I'm glad I waited because that attempted bounce failed. I like today's test of the 50 DMA but now I'm concerned about the stock making a pattern of lower highs & lower lows. The 20 DMA is a pretty good approximation of CORN's prevailing trend, so I'll likely be a buyer if it can close above that moving average.
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