Some ppl are only interested in the TA and some are only interested in the Fundamentals so here's the split:
TA: Here we see Tesla breaking out of a descending triangle and guys it can't go up forever. Hoped some of you locked in some profits but let's talk about the retracement that have so many in a panic. When should we start worrying? For me I have 2 levels that are critical to watch. Level 1 (the black line) $387.74 is the 50% retracement level from the breakout. This is a text book launch pad for the beginning of a third wave and omg if it is. 3rd waves are usually longer than the first wave and the first wave was over 200 points! It's wishful thinking, nonetheless i'd watch to see if it bounces off or around (3% or so) that level. Level 2 (the maroon line) $351.02 is 2/3's the way down. I would personally sell my shares at $350 and enter a short position. It's not impossible for TSLA to bounce off this level but it's so rare and this to me is obviously in a downtrend at this point. I'll buy more shares once i can identify a bottom.
FA: Tesla still has a lot going for them. The inevitable S&P 500 inclusion, battery day, daily volume over 30 million, and technically a monopoly on EV in the US. These are great catalysts for bullish price action. Sure you can bring up the other companies in this field but what you and i see on the street is Tesla. Those other companies are still just concepts to me. Lastly Tesla is more than just an EV company it's indirectly related to all of Elon Musk's accomplishments in other sectors like SpaceX and neuralink. Tesla shot up over 50$ the day after SpaceX launched those astronauts to the moon. Imagine when he demonstrates telepathic control of his vehicle.... A boy can dream.
By the way this isn't financial advice just posting my interpretation and thoughts on this.
TA: Here we see Tesla breaking out of a descending triangle and guys it can't go up forever. Hoped some of you locked in some profits but let's talk about the retracement that have so many in a panic. When should we start worrying? For me I have 2 levels that are critical to watch. Level 1 (the black line) $387.74 is the 50% retracement level from the breakout. This is a text book launch pad for the beginning of a third wave and omg if it is. 3rd waves are usually longer than the first wave and the first wave was over 200 points! It's wishful thinking, nonetheless i'd watch to see if it bounces off or around (3% or so) that level. Level 2 (the maroon line) $351.02 is 2/3's the way down. I would personally sell my shares at $350 and enter a short position. It's not impossible for TSLA to bounce off this level but it's so rare and this to me is obviously in a downtrend at this point. I'll buy more shares once i can identify a bottom.
FA: Tesla still has a lot going for them. The inevitable S&P 500 inclusion, battery day, daily volume over 30 million, and technically a monopoly on EV in the US. These are great catalysts for bullish price action. Sure you can bring up the other companies in this field but what you and i see on the street is Tesla. Those other companies are still just concepts to me. Lastly Tesla is more than just an EV company it's indirectly related to all of Elon Musk's accomplishments in other sectors like SpaceX and neuralink. Tesla shot up over 50$ the day after SpaceX launched those astronauts to the moon. Imagine when he demonstrates telepathic control of his vehicle.... A boy can dream.
By the way this isn't financial advice just posting my interpretation and thoughts on this.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.