TESLA ~ MONTHLY Chart Bearish!!!
Updated
Tesla, an absolute beast of a company, an investors dream stock to have been holding the last few years, and one that everyone wants in their portfolio.
Tesla has actually help up surprisingly well in this Bear Market thus far. Tesla has outperformed many other beaten down tech stocks with soaring growth in deliveries, and revenue. Tesla has solid fundamentals, but is definitely still priced at its future growth projections rather than its current value… which most of us already know.
Tesla did recently miss on deliveries, but that’s not what we’re diving in to today.
Today we’re diving In to the Technicals of Tesla, and what the monthly chart may be indicating for the stocks’ future.
TSLA has quite the bearish monthly chart in my opinion.
We are seeing a head and shoulders on the monthly including a shooting star candle for the month of September, possibly signaling a bearish reversal from its recent month rally. Added on to the Head & Shoulders pattern we are witnessing, the TTM-SQUEEZE momentum indicator is signaling a momentum shift from bulls to bears. The first time on TSLA monthly chart since Summer 2019… showing Tesla may need a breather anyways.
There is no better time for the breather on TSLA than now in my opinion. I think a medium/large downshift has been waiting on the stock, and now is perfect time for this to occur.
All technicals are leading to this, bearish momentum, the shooting star candlestick, and the monthly head and shoulders.
Overall my thesis is bearish on TSLA, we will probably be seeing a test of the trend line / neckline for the Head & Shoulders in the coming days or weeks. A break below that could result in seeing a dump to support area of $165, and lower to early pandemic levels.
Thesis : Short Tesla thru Technicals, and buy the crash.
Long term thesis : Tesla is a 5 star company, and a crash would be bought up fast and aggressively.
Price Targets : (NeckLine), $165 area, $110 area, $65 area
Tesla has actually help up surprisingly well in this Bear Market thus far. Tesla has outperformed many other beaten down tech stocks with soaring growth in deliveries, and revenue. Tesla has solid fundamentals, but is definitely still priced at its future growth projections rather than its current value… which most of us already know.
Tesla did recently miss on deliveries, but that’s not what we’re diving in to today.
Today we’re diving In to the Technicals of Tesla, and what the monthly chart may be indicating for the stocks’ future.
TSLA has quite the bearish monthly chart in my opinion.
We are seeing a head and shoulders on the monthly including a shooting star candle for the month of September, possibly signaling a bearish reversal from its recent month rally. Added on to the Head & Shoulders pattern we are witnessing, the TTM-SQUEEZE momentum indicator is signaling a momentum shift from bulls to bears. The first time on TSLA monthly chart since Summer 2019… showing Tesla may need a breather anyways.
There is no better time for the breather on TSLA than now in my opinion. I think a medium/large downshift has been waiting on the stock, and now is perfect time for this to occur.
All technicals are leading to this, bearish momentum, the shooting star candlestick, and the monthly head and shoulders.
Overall my thesis is bearish on TSLA, we will probably be seeing a test of the trend line / neckline for the Head & Shoulders in the coming days or weeks. A break below that could result in seeing a dump to support area of $165, and lower to early pandemic levels.
Thesis : Short Tesla thru Technicals, and buy the crash.
Long term thesis : Tesla is a 5 star company, and a crash would be bought up fast and aggressively.
Price Targets : (NeckLine), $165 area, $110 area, $65 area
Trade active
Closing some short pos here at Neckline! Still in and looking for lower lows, but selling at this support
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