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TSLA drops 16% in 2 days: wealth ladder or severe bubble?
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$Tesla (TSLA.US)$ Tesla has dropped sharply last night. Losi...

$Tesla(TSLA.US)$
Tesla has dropped sharply last night. Losing around 11%. It started with 5% to 6% dip and the fall just didn't stop and rebound like the previous few dips.

Traders and algorithms are starting to close positions and take profits on tesla.

Some retailers have also closed and take profits but do understand its not the small retailers who cause this dip by "paper handing" but it is the big players who are selling causing this drop.

We have closed down to 20ma of 1020 in just 1 day. Look like the 20ma support is not going to hold and the dip is going to be a correction. The next few supports is at 950, 895 and critical support 850.

If it breaks 850, we have a chance of entering bear market for tesla again and this can mean it's not gonna be a buy the dip situation where it will do a V shape recovery for 1400. It can mean we may break back into 700s range and consolidate for a long period again.

Do not judge too early whether tesla will or will not go back down to 800s. Let the price action determine!

As always trade safe, invest wise!
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  • Wilson LH : agree. not sure whether elon had sold his shares or not?

  • Investing 101OP Wilson LH: Check back in 3 days. Sec filing will show if he started selling. But I doubt him. Selling will cause this drop. It was technicals that were showing a blow off top and a cooling down was needed. But seem like it triggered a sell off instead of a pullback.

  • Investing 101OP Wilson LH: Check back in 3 days. Sec filing will show if he started selling. But I doubt him selling will cause this drop. As he will not sell huge masses at one go. He wouldn't want to crash his own stock. It was technicals that were showing a blow off top and a cooling down was needed. But seem like it triggered a sell off instead of a pullback.

  • GM 1 : Disappointing. Why did he have to drop this bomb on us when everything wAs doing so well Pooh-pooh

  • Wilson LH GM 1: yup. Biden + those anti-elon & UN r giving pressure...

  • Investing 101OP GM 1: Based on technical the blow off top signs were in last Friday even before he made any tweet when it failed to cross 1243. We just didn't know whether it's gonna bull flag or pullback.

    Some will say if TA is so accurate why are ppl doing TA not the next Elon musk. So I won't comment much but apparently even tesla bull chicken genius saw the same over extended blow off top scenario and sold on Friday.

  • ajahajahs : this is a huge dip for a day? is it going to pull further back?

  • Investing 101OP ajahajahs: Base on yesterday sharp sell off. Yes it is very high chance going to drop more. Thus the various support level I stated in the post. Those are your entry points. Of course you got to see whether it renounces at those support. Because if it is a clean break through those support, then it is only going to go lower.

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