Long

Tesla Bottomed at $265. What's Next?

Updated

I think the next key for Tesla is if when we get a pullback and hold $272-$276. We could get retest $310.
This is for bull case.

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For bear case, we could get bounce at $272-276 and reject at $290-295. We could do down further for more correction.

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Tesla is very bullish indeed. I think it could go $300 max this week IMO. I'm looking for an entry at $280.

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I think Tesla need to hold between $274 and $284. In extreme case, we need to hold $264. Targeting $346.

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Tesla looks bearish right now. Right now it looks like it needs to test $264. Break $264, we are going to $245. $235 extreme target.

Note that we had a double top at $314. It is likely we are going to 1.618 extension which is $235 extreme target.

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Tesla broke $245 today. Now bulls need to defend $234 which is a technical bounce. We may see bounce to $265-280 and reject from there. Or if we can hold $265, there is more upside.

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$203 is the next lower low if we get any rejection.

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This is why the famous quote of Warren Buffett works like magic. The MM already knew ahead of time because the chart don't lie. It is hard to see how the chart runs until the chart is almost completed. By the time the news came out, we are already almost at the bottom. This is the game of trading. As a retail investor patient is key.

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Are we going to see short term bounce at $235 then heads to $203?

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On the Macro trend I know Tesla is going to $90 or $133 some times in 2023

But if we are going from $314, I think the bottom is likely $137.

I was hoping Tesla just could bring one more leg upside to $346 so we can have a nice retracement to $103. This satisfies the Macro trend. But oh well, it's all up to MM and the Fed.

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It probably goes like this. Just painful to watch.

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As expected, it bounced right at $234. Here is bull case.

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In 1 min chart, we need to hold this area.

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Break this area I'm leaning more bearish.

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Tesla is on falling momentum. We held above $234 but had a gap down below $234 today. Crazy bearish. My next targets are $217 and $205.

I think these are next supports and resistances for day trade.

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Expect wave 4 and wave 5 to complete. If this play outs, we may see a bounce from $204 and target to 50% 68.2% retracement.

thienlovv

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by thienlovv

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