I see a lot of different opinions at the moment.. conviction by both bulls and bears. So I would like to give my opinion on the stock and both the bull and hear case. Just charting Analysis no fundamentals.
TSLA has been in a down trend of recently retracing from it 900 high all the way to it most recent low of 540.
There seems to be support/ resistance in the 660-670 area for Tesla.
Bulls believe that the level has been broken as we have had a run up to over 700 on the day.
Bulls believe this area will be used a new support.
Bears believe that the area has not yet turned into support.
Currently there hasn't been a strong and meaning close above this area.
Bears also see a major support zone one leg down at the 500 area.
Both make a good case so what do we do?
Best thing would be to be patient and see which one takes place over the coming days.
If you do trade bull or bear decrease portion size this at the moment is not as clear as would be ideal.
TSLA has been in a down trend of recently retracing from it 900 high all the way to it most recent low of 540.
There seems to be support/ resistance in the 660-670 area for Tesla.
Bulls believe that the level has been broken as we have had a run up to over 700 on the day.
Bulls believe this area will be used a new support.
Bears believe that the area has not yet turned into support.
Currently there hasn't been a strong and meaning close above this area.
Bears also see a major support zone one leg down at the 500 area.
Both make a good case so what do we do?
Best thing would be to be patient and see which one takes place over the coming days.
If you do trade bull or bear decrease portion size this at the moment is not as clear as would be ideal.