Tactical Bounce for Tesla into Year End / New Year
-TSLA remains in a steep downtrend at the primary degree of trend.
-The selling is not likely to be complete on longer time frames.
-A countertrend bounce may take TSLA's price up to the following targets: $155-158 (conservative) to $163-$166 (aggressive). Countertrend bounces can fail at any time, so the odds of this working out well are perhaps lower than the odds of a downward move from key resistance levels that is aligned with the longer-term trend.
TSLA remains within a broader downtrend that has intensified over the past few months. TSLA had held up better than many other tech names and high growth names in 1H 2022. TSLA's drawdown in the first half of the year was about -50% while many tech / high growth stocks declined -70% to -90%. TSLA so far has fallen about -65.8% from its all-time high. For many of these high-growth and technology names, including TSLA , the selling doesn't look complete.
The conservative target is $155-$158. The aggressive target is $163-166. These levels are derived from both Fibonacci analysis and resistance levels from key price points shown on the Primary Chart.
Some additional charts supporting this thesis appear below:
-The selling is not likely to be complete on longer time frames.
-A countertrend bounce may take TSLA's price up to the following targets: $155-158 (conservative) to $163-$166 (aggressive). Countertrend bounces can fail at any time, so the odds of this working out well are perhaps lower than the odds of a downward move from key resistance levels that is aligned with the longer-term trend.
TSLA remains within a broader downtrend that has intensified over the past few months. TSLA had held up better than many other tech names and high growth names in 1H 2022. TSLA's drawdown in the first half of the year was about -50% while many tech / high growth stocks declined -70% to -90%. TSLA so far has fallen about -65.8% from its all-time high. For many of these high-growth and technology names, including TSLA , the selling doesn't look complete.
The conservative target is $155-$158. The aggressive target is $163-166. These levels are derived from both Fibonacci analysis and resistance levels from key price points shown on the Primary Chart.
Some additional charts supporting this thesis appear below:
Supplementary Chart A
Supplementary Chart B
Supplementary Chart C
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coco1324 : There must be a new strategy to deal with Tesla now. The latest news has come out. Do you still own Tesla?
Shuseido coco1324: what news?