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.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Trade on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
