TSLA has made some incredibly interesting moves. in summary:
Bounce off this level is almost guaranteed, the question is how far?
I've also made a guess at what RSI might do - you can see that at the bottom of the chart in green.
What do you think happens?
- We have performed an EXACT 50% retrace from previous highs
- That level is perfectly aligned with the lower trendline (Log chart)
- That level is also perfectly aligned with the descending wedge top from previous ATH
Bounce off this level is almost guaranteed, the question is how far?
- The last two times we have been overbought on the weekly RSI, we have seen between 60 and 40 days of down before we found a bottom. However, the July 23 top was weak on the RSI and may not be indicative of what we are experience now. So I'd say we're in for at least 40 days but likely more, before we find a bottom.
- If we break the lower trendline it is likely that we revisit 2023 lows, which just so happens to be exactly at the 78.6 Fib retrace. We'd likely bounce off the 61.8 retrace and touch the bottom of the descending wedge trendline.
- On the bull case, we continue to consolidate sideways until there is an upward break. Right now, the bear case feels more likely with the macro / political environment.
I've also made a guess at what RSI might do - you can see that at the bottom of the chart in green.
What do you think happens?
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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.