Tesla is having an approximatelly -7% decline at the time of this analysis, the strongest we've seen since the April bottom. This was enough to turn the 1D timeframe neutral in an instant (RSI = 54.820, MACD = 15.050, ADX = 39.955).
The question is obviously, is the stock still a buy?
Yes but as close to the 1D MA50 as possible. This is a 1W chart, so the 1D MA50 is portrayed in green. The fractal is basically the same as November 2019. And the price action that led to it starting in 2018, is almost the same as the 2022 Bear Market for Tesla.
In November 2019 the stock made the second (and last) small correction before skyrocketing on a multi-week rally.
With the price already past a 1D MA50-1W MA50 Cross, we are going long on the first green 1W candle near the 1D MA50 and will target the All Time High (TP = 415.00).
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The question is obviously, is the stock still a buy?
Yes but as close to the 1D MA50 as possible. This is a 1W chart, so the 1D MA50 is portrayed in green. The fractal is basically the same as November 2019. And the price action that led to it starting in 2018, is almost the same as the 2022 Bear Market for Tesla.
In November 2019 the stock made the second (and last) small correction before skyrocketing on a multi-week rally.
With the price already past a 1D MA50-1W MA50 Cross, we are going long on the first green 1W candle near the 1D MA50 and will target the All Time High (TP = 415.00).
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial