Tesla - still in uptrend or set to test 200dma?
Updated
Telsa is most likely still in an uptrend. Note the bounce of the fibo support.
My base case is for a test of the 200dma unless the price breaks back above the ATR resistance (black line).
My base case is for a test of the 200dma unless the price breaks back above the ATR resistance (black line).
Trade active
The results were, as per usual, a mess with multiple non-operating items propping up EPS (carbon credits, Bitcoin trading). While volumes were up, ASPs were down. The bears will likely come back to valuations and intensifying competition. The bulls will zero in on +50% volume growth targets. Either way, the limits remain in play, a break above 750, and we move back to test 900. A break below 700 and I suspect the 200dma will need to be tested (thick green line).Note
Difficult to find an uglier chart.
560 to 630 trading range.
Full position short.
Trade active
Target 400.Short Telsa at your own peril. This is not investment advice.
Trade active
Tesla is selling off on good news, back below the 200dma....difficult to construct a more negative technical outlook:
I am not a registered investment advisor. Nothing I say, or share, constitutes investment advice. Take responsibility for your risk and do your own research.
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.