Quick Technical Analysis on Tesla - 23 Dec
Interesting stuff - both weekly and monthly charts are showing a huge head and shoulder pattern, which is bearish in nature.
Tesla is currently sitting at a support level, around 120-125. This is also the lower end of the consolidation zone (120s to 155) that I have been talking about.
It has to bounce from here. Otherwise, let me see, the bottom of the NEXT consolidation zone is hmm…90.
Disclaimer: not saying it will go there. Am just reading off the chart.
If 120s hold, we could slowly grind or fly to 140s to 150s.
If 120s does not hold, we could grind or flush down to first, the psychological level of 100, and then low 90s - similar to what I’ve posted on 15 Dec: if support level of 155 breaks, we could slide to 130s.
Tesla is currently sitting at a support level, around 120-125. This is also the lower end of the consolidation zone (120s to 155) that I have been talking about.
It has to bounce from here. Otherwise, let me see, the bottom of the NEXT consolidation zone is hmm…90.
Disclaimer: not saying it will go there. Am just reading off the chart.
If 120s hold, we could slowly grind or fly to 140s to 150s.
If 120s does not hold, we could grind or flush down to first, the psychological level of 100, and then low 90s - similar to what I’ve posted on 15 Dec: if support level of 155 breaks, we could slide to 130s.
Anyway, do note that nothing is guaranteed. Everything is about probability. Let the price action tell you the story (direction).
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tinymonster1987 : I agree to 100 and 90s in the near future. :)
JATrader : Agreed too. now is the institutional investors jeep ytd now want to get keep asking retail buy
WhyInvest : @Cow Moo-neyWhat to look for to confirm an uptrend?
Cow Moo-neyOP WhyInvest: That’s a tough question to answer haha
because there are so many other things to look out for - price action, support / resistance, RSI, Macd and the list goes on.
For a start, maybe it should at least go back to 150s range. That said, your definition of uptrend vis a vis mine could be different. One could mean a temporary relief rally, while another person could refer to the start of a bull run
WhyInvest Cow Moo-neyOP: Thanks that's quite detailed! Looking at situation it seems difficult to run to 150s. What is your thoughts on selling 1 or 2 year expiry calls?