TA: Tesla price target for the week
Tesla is bearish in the long term as every time the price rise to the Downtrend line, it gets rejected as shown in the weekly chart. The Downtrend line is formed by joining the Nov 2021 and Jan 2022 highs.
Tesla has been moving in a Downtrend channel (bounded by the Channel support and Channel resistance) since late July 2023. There was a false break below the Uptrend line, but the price rebounded rapidly. Again, there was a false break of the Channel resistance. But it fell below that after a few days. The price is now below the MA50 and MA20 which indicates bearishness in the short term.
The price may fall to the Channel support or break down and reach the 212.50 support level or MA200 around 205. I think the latter is more likely.
What is my Tesla price target for the end of this week? I am not going to give a wide range of 250-300, which is meaningless. My target is 250-255.
Tesla will continue to cut prices so this will reduce the gross margin. The UAW strike is not likely to benefit Tesla unless it lasts for more than a few weeks. Musk has also denied that Tesla is in talks to set up an EV factory in Saudi Arabia.
The Fed did not hike rates at the Sept FOMC meeting, but indicated that rates will be higher for longer. The Fed still may continue to hike rates at the end of the year. Oil price has been rising the past 2-3 months. So inflation may rise. This will increase the likelihood of the Fed continuing to hike rates beyond the end of the year. Most of the news are bearish, so the market and Tesla price may be bearish in the short term. Medium term, the price may rise because the Fed did not hike in Sept. Towards the next FOMC meeting, the market may fall again on expectation of a hike.
$S&P 500 Index(.SPX.US$ $Dow Jones Industrial Average(.DJI.US$ $Nasdaq Composite Index(.IXIC.US$ $Ethereum(ETH.CC$ $Invesco QQQ Trust(QQQ.US$ $SPDR S&P 500 ETF(SPY.US$ $ProShares UltraPro Short QQQ ETF(SQQQ.US$ $ProShares UltraPro QQQ ETF(TQQQ.US$ $ProShares UltraPro QQQ ETF(TQQQ.US$ $Tesla(TSLA.US$ $Microsoft(MSFT.US$ $Alphabet-C(GOOG.US$ $Meta Platforms(META.US$ $Apple(AAPL.US$ $VOLKSWAGEN A G(VWAGY.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $CSI 300 Index(000300.SH$ $Hang Seng Index(800000.HK$ $TENCENT(00700.HK$ $Tencent(TCEHY.US$ $Alibaba(BABA.US$ $BABA-SW(09988.HK$ $Bilibili(BILI.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $PDD Holdings(PDD.US$ $BYD COMPANY(01211.HK$ $BYD Company ADR(BYDDY.US$ $Baidu(BIDU.US$ $Baidu(BIDU.US$ $JD.com(JD.US$ $XPeng(XPEV.US$ $AEM SGD(AWX.SG$ $SIA(C6L.SG$ $RH PetroGas(T13.SG$ $Dyna-Mac(NO4.SG$ $Geo Energy Res(RE4.SG$ $Acesian Partners(5FW.SG$ $Parkson Retail - watch list(O9E.SG$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moo Contributor
Follow me to get useful analysis, learn TA and make profitable trades.
Maximise profit 利润最大化
6639Followers
57Following
23KVisitors
Follow
ZnWC : This is a typical example that market sentiment change can make technical analysis indicator forecast inaccurate. Someone used wedge pattern and macd to predict nio stock is bullish. In actual fact the stock price is down and a new moving average is formed immediately after.
Nio shares is still facing heavy selling pressure. The stock is down about 10% year-to-date and more than 50% over a one-year period.
According to Financhill, based on the share price being below its 5, 20 & 50 day exponential moving averages, the current trend is considered strongly bearish and NIO is experiencing selling pressure.
Nio Stock Is Falling on Thursday: What's Going On?
https://www.moomoo.com/community/feed/111105327890438?global_content=%7B%22invite%22%3A%22101709443%22%2C%22promote_content%22%3A%22mm%3Afeed%3A111105327890438%22%7D&data_ticket=212ca245a589f1e400fb2e247953bc77&futusource=nnq_followtab_list
ZnWC : One of the primary limitations of candlestick patterns is their subjective nature. Although there are recognized patterns with defined criteria, the interpretation of those patterns can vary among traders. Different analysts may perceive and interpret the same pattern differently, leading to conflicting conclusions.
Limitations of Candlestick Patterns You Need to Know
https://www.moomoo.com/community/feed/110937037930502?global_content=%7B%22invite%22%3A%22101709443%22%2C%22promote_content%22%3A%22mm%3Afeed%3A110937037930502%22%7D&data_ticket=212ca245a589f1e400fb2e247953bc77&futusource=nnq_search_search-result&content_type=feeddetail
MonkeyGee ZnWC: give it a break man. stop harrasing us. These comments are not going to collapse Tesla stock. The TA will. Bless you everytime for your comments!
MonkeyGee ZnWC: If this is true than there is nothing to worry about. Time will uncover anything.
bullrider_21OP ZnWC: I didn't ask for Nio. Who cares.
bullrider_21OP ZnWC: I didn't ask you for your opinion.
bullrider_21OP : Sell-off in the last 4 hours of trading on Fri.
ZnWC : Tesla could eventually win the price wars
In the near term, this is a headwind for Tesla's stock because lower margins can mean lower profits, even if revenue keeps growing. But long-term investors should remember the big picture. Analysts at Goldman Sachs expect EVs to make up half of global new car sales by 2035 - with the percentage rising above 85% in the U.S. and European Union.
Where Will Tesla Stock Be in 5 Years?
https://www.moomoo.com/community/feed/111109121835014?global_content=%7B%22invite%22%3A%22101709443%22%2C%22promote_content%22%3A%22mm%3Afeed%3A111109121835014%22%7D&data_ticket=212ca245a589f1e400fb2e247953bc77
bullrider_21OP ZnWC: Thanks for contributing comments.
ZnWC : It is important to share the limitation of technical analysis. Brushing it off (somebody else may not know) imply that you may be overconfident - a mistake commonly made in technical analysis.
Wedge patterns can be subjective, and their identification may differ between traders. Differences in selecting highs and lows can lead to varying interpretations, resulting in differing trading decisions.
Wedge Pattern and MACD Indicator: Know Their Limitations
https://www.moomoo.com/community/feed/110677026275334?global_content=%7B%22invite%22%3A%22101709443%22%2C%22promote_content%22%3A%22mm%3Afeed%3A110677026275334%22%7D&data_ticket=212ca245a589f1e400fb2e247953bc77&futusource=nnq_search_search-result&content_type=feeddetail
View more comments...