Take Profit on TSLA earnings
Greeting all,
Tonight I am proposing to take profits on TSLA earnings strength given that TSLA very flawed fundamentals provide an excellent context to hedge or even exit any positions initiated along the two support found during this bear market rally.
23% and 62% Fibonacci retracement from all time highs provided some good entry points
I still find it hard to believe TSLA will surpass meaningfully all priced in expectations over the next few quarters so I don't mind taking advantage of seasonality in the stock market averages to unload a position.
TSLA technicals still in full Bull mode, MACD flying but RSI started to heat up to overbought levels combined with the share price reaching into the 78% retracement creates a compelling case for a consolidation thereafter. Since the economic environment is so uncertain, I never feel bad taking profits in a clearly unhealthy market.
Take profit from here up to all-time highs between 730$-1000$
Tonight I am proposing to take profits on TSLA earnings strength given that TSLA very flawed fundamentals provide an excellent context to hedge or even exit any positions initiated along the two support found during this bear market rally.
23% and 62% Fibonacci retracement from all time highs provided some good entry points
I still find it hard to believe TSLA will surpass meaningfully all priced in expectations over the next few quarters so I don't mind taking advantage of seasonality in the stock market averages to unload a position.
TSLA technicals still in full Bull mode, MACD flying but RSI started to heat up to overbought levels combined with the share price reaching into the 78% retracement creates a compelling case for a consolidation thereafter. Since the economic environment is so uncertain, I never feel bad taking profits in a clearly unhealthy market.
Take profit from here up to all-time highs between 730$-1000$
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.