TeslaShort
$TSLA Perfectly on target, but there's more
Updated
Do you remember my latest analysis on TSLA? You can find it in the related ideas. I forecasted a sharp fall in the value of the stock with a TP around the strong support level at 278. Well, the stock is now at 279, right on target.
But there's more...
The 279 is definitely a strong support being it the level of the "gap up" that happened on April last year. If volumes are supporting the breaking of such a level, we will surely find the stock depreciating even more. 277$ and 263$ being the next levels to watch closely.
As I always stated this stock is significantly overpriced and the company is not porforming well. It is actually not perfoming since the delivery targets for the Model 3 are way behind of schedule. Line of production being halted, autopilot issues, poor employee management, legal issues and other stuff make this company sink even more.
Analysts are waiting for Q1 earnings that will probably be due in mid April. Elon is a marketing guy. He is a visionare and charismatic but no doubt any informed investor who is willing to dig deeper into financial statements of the company won't buy his "we will deliver millions of M3 in two months" statement if he will ever say so.
TSLA is on the edge of a cliff, it's a matter of time and it will make it's final fall.
As usual, not a trading advice, merely my idea supported by both technical and fundamental analysis.
But there's more...
The 279 is definitely a strong support being it the level of the "gap up" that happened on April last year. If volumes are supporting the breaking of such a level, we will surely find the stock depreciating even more. 277$ and 263$ being the next levels to watch closely.
As I always stated this stock is significantly overpriced and the company is not porforming well. It is actually not perfoming since the delivery targets for the Model 3 are way behind of schedule. Line of production being halted, autopilot issues, poor employee management, legal issues and other stuff make this company sink even more.
Analysts are waiting for Q1 earnings that will probably be due in mid April. Elon is a marketing guy. He is a visionare and charismatic but no doubt any informed investor who is willing to dig deeper into financial statements of the company won't buy his "we will deliver millions of M3 in two months" statement if he will ever say so.
TSLA is on the edge of a cliff, it's a matter of time and it will make it's final fall.
As usual, not a trading advice, merely my idea supported by both technical and fundamental analysis.
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And down we go....I probably have been too conservative on the next support level. TSLA easily broke it in its freefall.
Here a pretty strong support level at 215$ but the stock might find some difficulties in breaking an intermediate level around 242$, where previously developed a "double bottom" around the end of February last year.
As usual, merely my idea.
Note
TSLA is still headed down. Q1 production data have been released and the company, although expressing it with cheerful words, confirms it missed the targets of 5000 M3 per week and it's currently peaking at around 2000. A good 60% less.
Fundamental analysis on this stock always keeps me convinced it is highly overvalued and, even if hte hype on the stock is high, I stand on my idea.
It's headed down.
As usual, merely an idea and this analysis does not constitute a trading idea.
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