TSLA: Choppy sideways action...I'm always on the lookout for buy opportunities in $TSLA, but the thing is, we have to be extremely nimble and flexible with our trading in it.
With my clients we've ridden many moves in this stock profitably, way more than losing ones since we started trading it back in 2016. Right now I think fundamentals present a risk for long term investors, manifested in the extreme volatility in the stock. Over the long term, returns will definitely be positive, but may suffer compared to swing trading it until we see more stability and growth, when eventually it reaches profitability and some of the woes and fears are dispelled. We're looking at an early stage $AMZN in the making here, possibly.
The Key Hidden Levels help us spot turning points, together with my mentor Tim West's ( @timwest ) price action analysis, which give many actionable trade signals for those versed in this approach. Feel free to join the Key Hidden Levels chatroom if you're interested in following some of our trades, as well as learn a bit more about what we do.
Right now, $TSLA is at a very good spot to go long with a wide stop, and aim to catch a rally into resistance once more. Maybe a run to $300 is warranted. Note how the Elon Musk insider buy levels hold up as support -or resistance-, same as the option expiration or earnings support levels do. They provide a map for possible movement in the stock if you know how to read the bars and news.
Cheers,
Ivan Labrie.
