Tesla correction ahead?
Updated
Corrections are healthy and normal movements at stock markets. Is one due for Tesla?
At point 0, 1 and 2 we are seeing sell signals of RSI and MACD simultaniously. The same pattern we do see now. This could be a signal for a imminent correction.
At point 1 and 2 after the corona low the stock fell to the first and second fibonacci retracement respectively. This time the correction could be even harder, will it fall to the 3rd (0.5) retracement?
Looking at the fundamentals the stock is very, very expensive. This could support a more harsh fallback. But we are in a very bullish market for growth values.
This also makes this idea a very risky one. I would suggest no one to trade it I probably wont do it myself. I will not bet against a heavily bullish Tesla.
I am new to trading, for this reason I am down to learn and discuss. Please tell me if I used something wrong. :)
At point 0, 1 and 2 we are seeing sell signals of RSI and MACD simultaniously. The same pattern we do see now. This could be a signal for a imminent correction.
At point 1 and 2 after the corona low the stock fell to the first and second fibonacci retracement respectively. This time the correction could be even harder, will it fall to the 3rd (0.5) retracement?
Looking at the fundamentals the stock is very, very expensive. This could support a more harsh fallback. But we are in a very bullish market for growth values.
This also makes this idea a very risky one. I would suggest no one to trade it I probably wont do it myself. I will not bet against a heavily bullish Tesla.
I am new to trading, for this reason I am down to learn and discuss. Please tell me if I used something wrong. :)
Trade closed manually
The correction went to 0.236 I am closing my short. Maybe we see a retest of the strong resistance at ~880
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