Long

Tesla Trend

Updated

Technical and fundamental setup
Only thing I believe holding it back is investor caution for the US presidential election

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The market is on a downturn, as the S&P500 touches top of it's megaphone pattern and plenty of uncertainty in the market.

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The market isn't selling off in haste. There is a new covid situation building. Some profit taking and consolidating seems to the the reaction. The market isn't as hot as it was before the August sell off. I believe once the market realises who wins the elecrion, particularly if is Biden, the market will get back in gear and push up for a few months again. If Trump wins, there maybe a bit more selling before the rally.
Stimulus back on the minds and lips of the politicians/bankers, the uncertainty out of the way, we should see Teslas newly solidified profile grip it's stock price, shooting it to the next level.

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As I speak, Tesla has broken out of that little selling cycle. $430. This could be the pop I was looking for

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I hate when things go wrong, but that's a part of the game. Reassessing and moving with the times is all one can do.
It's broken trend and is accelerating to the down side. I think $360 is a good support level. $389 as I speak

Rod_85

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