Tesla has been consolidating nicely inside this massive bull flag (it corresponds to a target price of $1550-1600 based on pole to flag bottom). I'm liking what I'm seeing on lower times frames. Positive divergence in MACD/RSI despite price action falling (see that bear flag we're inside of today?). Expecting a double-bottom to form in the vicinity of the last bottom $785 (it's Tesla, so +/- $10), early tomorrow. Expecting a light to moderate sell-off in the morning on the SPX, so may even see lower prices temporarily. Either way, this is a decent long term setup.
Note
Markets pulling back as expecting. Not very aggressively, but looking like there's still going to be some selling going into tomorrow morning. The mouth of TSLA is opening wider. The dotted channel within the megaphone was the first hint that this stock needed to hit a lower low. I'm not buying just yet. Note
The weekly perspective always gives me pause. The power of short interest is the most compelling reason to BUY TSLA. But the chart and and indicators say otherwise: Note
Failed pattern. Move on. Short TSLA? No! Just... move on.
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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.