Tesla looks like it's forming an end-of-distribution pattern while Microsoft and Apple have already began to make a small move down. But Tesla was the most volatile during this time.
Wouldn't that mean it could form an ascending triangle and breakout?
Yes, but this is the unlikely scenario, unless there are bullish fundamentals like an inflation increase, and the rest of the broad market, domestic and foreign, doing well. None of these are in a place to supply bullish pressure to the market, and It's looking a bit shady right now. Inflation has been relatively sideways lately which means medium-term risk-off. 500% gains are looking pretty delicious now.
Also, at the very least, Tesla plant shutdowns due to restrictions or shortages aren't good news, and that hasn't exactly priced itself in, in any meaningful way.
Cheers!
Wouldn't that mean it could form an ascending triangle and breakout?
Yes, but this is the unlikely scenario, unless there are bullish fundamentals like an inflation increase, and the rest of the broad market, domestic and foreign, doing well. None of these are in a place to supply bullish pressure to the market, and It's looking a bit shady right now. Inflation has been relatively sideways lately which means medium-term risk-off. 500% gains are looking pretty delicious now.
Also, at the very least, Tesla plant shutdowns due to restrictions or shortages aren't good news, and that hasn't exactly priced itself in, in any meaningful way.
Cheers!