TSLA under pressure from rise of EV! Coiling for a break. UorD?
The EV space is growing really fast! With TSLA at the helm so far it's seniority is not being questioned as the stock price stays very much afloat.
Tesla so far is the leader and holds true to its product on the streets and continued delivery of cars.
However, there are some car makers in the industry that are making a push like Chinas NIO. TSLA has been feeling the pressure from the incoming new "EV" space like SPI. We will have to see a physical product for those companies and the ones to come to be a real threat. Otherwise, it's just like the DotCom boom. Throw EV in your company and the stock price rises 1000%.
Due to that TSLA has been coiling. We saw a recent lower higher that suggests some of these bears are coming into this market for a slight push lower. We are coming into that same area and if we print yet another lower high we are going to see some downside pressure come into this market. The key support is at $335-340 should that support break we are going to see $280 on TSLA fairly quickly. Some of the downsides could be attributed to the recent market and economic downside as well.
To the upside for the TSLA bulls and the optimistic traders, we are also seeing higher lows. The volume is a little weaker on the upside but the bull side can easily break a new high and TSLA could be headed for the $500 level yet again. It's just a matter of buy pressure.
The downside target would be the 100-day moving average which could be around $300 should the price consolidate. Under that level should the market spill TSLA's volatility will cause the stock to plunge.
Tesla so far is the leader and holds true to its product on the streets and continued delivery of cars.
However, there are some car makers in the industry that are making a push like Chinas NIO. TSLA has been feeling the pressure from the incoming new "EV" space like SPI. We will have to see a physical product for those companies and the ones to come to be a real threat. Otherwise, it's just like the DotCom boom. Throw EV in your company and the stock price rises 1000%.
Due to that TSLA has been coiling. We saw a recent lower higher that suggests some of these bears are coming into this market for a slight push lower. We are coming into that same area and if we print yet another lower high we are going to see some downside pressure come into this market. The key support is at $335-340 should that support break we are going to see $280 on TSLA fairly quickly. Some of the downsides could be attributed to the recent market and economic downside as well.
To the upside for the TSLA bulls and the optimistic traders, we are also seeing higher lows. The volume is a little weaker on the upside but the bull side can easily break a new high and TSLA could be headed for the $500 level yet again. It's just a matter of buy pressure.
The downside target would be the 100-day moving average which could be around $300 should the price consolidate. Under that level should the market spill TSLA's volatility will cause the stock to plunge.
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