TSLA has been underperforming the markets recently and seems like the past 2 weeks' accumulation has led to a gradual but steady sell-off.
TSLA pattern looks eerily similar to the dump back in feb/march. Will the same pattern play out and have TSLA retest the 200 DMA?
My opinion:
1) I don't think we go down to 200 DMA because TSLA has outperformed every auto company and the worst is over.
2) We may go down to the 50 DMA which is around 1300-1350.
3) I lean more on the bullish side and I think we will see a healthy move back towards the 1800 level before battery day. If it can hover around 1400, I really think 1500 is likely in the next 1-2 weeks. TSLA needs to see an influx of volume, though.
We saw today dip to 1385 but recovered above 1400 which is a good sign. RSI indicates oversold and I have never seen volume this low before. Low volume and declining price generally is a bullish indicator. It comes down to the timing, really.
TSLA pattern looks eerily similar to the dump back in feb/march. Will the same pattern play out and have TSLA retest the 200 DMA?
My opinion:
1) I don't think we go down to 200 DMA because TSLA has outperformed every auto company and the worst is over.
2) We may go down to the 50 DMA which is around 1300-1350.
3) I lean more on the bullish side and I think we will see a healthy move back towards the 1800 level before battery day. If it can hover around 1400, I really think 1500 is likely in the next 1-2 weeks. TSLA needs to see an influx of volume, though.
We saw today dip to 1385 but recovered above 1400 which is a good sign. RSI indicates oversold and I have never seen volume this low before. Low volume and declining price generally is a bullish indicator. It comes down to the timing, really.
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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.