đź“Š Tesla Professional Analysis
Ignore the title I am just trying to be funny...
In this expert edition of "read the charts" we are going to look at the TSLA stock long-term.
Are you ready?
The Tesla stock TSLA peaked November 2021 after completing a massive 3,412% rise that started July 2019. It is always interesting to note that November 2021 is the exact same date that Bitcoin peaked. So the Tesla stock and Bitcoin peaked on exactly the same month. Of course, Tesla has been growing since its inception in June 2010 but we are focusing on a shorter period because too old data might not be relevant today.
Let's get to the chart and see what it has to say.
Since November 2021 we have a bearish trend, lower highs.
It seems this stock will produce its strongest correction ever.
A very nasty and strong correction already happened between November 2021 and January 2023, -75%, but it seems the market is not done... What negative news will match the ensuing bearish wave? Maybe Elon Musk will leave the boat.
I don't want to speculate but here is what the chart has to say:
âž– Nearest support first sits around 155.
âž– The next support sits at 121 and here a bounce can happen and the bearish trend ends.
âž– If good news does not show up, we can expect lower and lower and this is aiming at 73. A lower low compared to January 2023 based on the fact that we have lower highs. This is where the chart is pointing to but this is only a possibility and we should have to see a break of 121 and 100 as support first.
The RSI is really weak and the chart is calling for the continuation of a major bear market after more than a decade of sustained growth.
From the 6th of July 2010 through November 2021 TSLA grew by an astonishing 41,404%.
I wouldn't be surprised if a correction pushes prices toward 55 or even lower because the growth that happened allows for this type of behaviour in reverse.
The markets are hard to predict though, so we prepare for the worst and hope for the best.
Namaste.
In this expert edition of "read the charts" we are going to look at the TSLA stock long-term.
Are you ready?
The Tesla stock TSLA peaked November 2021 after completing a massive 3,412% rise that started July 2019. It is always interesting to note that November 2021 is the exact same date that Bitcoin peaked. So the Tesla stock and Bitcoin peaked on exactly the same month. Of course, Tesla has been growing since its inception in June 2010 but we are focusing on a shorter period because too old data might not be relevant today.
Let's get to the chart and see what it has to say.
Since November 2021 we have a bearish trend, lower highs.
It seems this stock will produce its strongest correction ever.
A very nasty and strong correction already happened between November 2021 and January 2023, -75%, but it seems the market is not done... What negative news will match the ensuing bearish wave? Maybe Elon Musk will leave the boat.
I don't want to speculate but here is what the chart has to say:
âž– Nearest support first sits around 155.
âž– The next support sits at 121 and here a bounce can happen and the bearish trend ends.
âž– If good news does not show up, we can expect lower and lower and this is aiming at 73. A lower low compared to January 2023 based on the fact that we have lower highs. This is where the chart is pointing to but this is only a possibility and we should have to see a break of 121 and 100 as support first.
The RSI is really weak and the chart is calling for the continuation of a major bear market after more than a decade of sustained growth.
From the 6th of July 2010 through November 2021 TSLA grew by an astonishing 41,404%.
I wouldn't be surprised if a correction pushes prices toward 55 or even lower because the growth that happened allows for this type of behaviour in reverse.
The markets are hard to predict though, so we prepare for the worst and hope for the best.
Namaste.
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