TSLA Intraday Price Action, Consolidation on Wed, Jan 10, 2024

Backdrop

Market was slightly positive.

Daily Chart

Red candle at the bottom of the range from November. Just above the 200 SMA. Day range was tight at just above 50% ATR.

3-Minute Chart

Price ranged all day between the previous day low and previous day close. Initial move was down, albeit chopily. Bounced all the way back up previous day close but couldn’t make a new high. VWAP chop. Lower volume, low day range. Moving average crossed up at the end of the day.

Strategy

Long at previous day low, exit at previous day close. As range tightens, coming days are likely to see a big move.

Happy trading.

(This post is for entertainment purposes and is not investment advice. You can lose money in the stock market.)