Let me begin by saying this Friday's pull back is nothing to be concerned about "yet"... I don't know of a way to tell if TSLA will go up or down from here. But the price action will give us clues as time goes by.
There are many technical terms for what happened Friday in TSLA. I will give you just one, Bearish Engulfing Daily Candle. You can look up the definition but it is often a clue that the stock price is about to go down.
If you have been involved in TSLA since June 5, you are making money for sure. Make sure you don't give it back... If you got into TSLA after June 5 you may be losing money at this point. The best advice I can give you is don't let your losses get too big. There is no telling IF the stock will go lower or HOW MUCH lower it may go. Don't take chances with your investments. Profits should be kept. Loses are meant to be minimized.
Now that I have warned you lets talk about some levels that TSLA may hit before starting to go back up again.
"IF" TSLA is going to go up from here, then $355ish was that level. $354.80 was Friday's low. So that is the level it hit before turning higher. But what if it goes lower?
$351ish - This is the 8day ema. This could be the place where TSLA decides to turn and go higher.
$344ish - This is the most recent pivot. This could be the place where TSLA decides to turn and go higher.
$336ish - This is the most recent support level. It is also the 21day ema.
This could be the place where TSLA decides to turn and go higher.
$327ish - This is where we saw a daily double top in the month of May. This could be the place.
$315ish - This is the 50day ema. This could be the place where TSLA decides to turn and go higher.
I am not predicting any of these levels will be hit. I am looking at the daily chart and sharing levels I think are potential places the stock may decide to turn and go higher. As I said earlier, it may be that $355 was that level where TSLA decided to turn around. In that case, the turn has already happened and it could be up up and away from here...
I was long TSLA options until Friday Morning. Once it went negative on the day I decided to get out of most of my position. I am a big fan of TSLA in the long term. I will look for a place to get involved again. But I refuse to watch my profits disappear because the stock is going down while I am bullish the company... Good luck to all!
There are many technical terms for what happened Friday in TSLA. I will give you just one, Bearish Engulfing Daily Candle. You can look up the definition but it is often a clue that the stock price is about to go down.
If you have been involved in TSLA since June 5, you are making money for sure. Make sure you don't give it back... If you got into TSLA after June 5 you may be losing money at this point. The best advice I can give you is don't let your losses get too big. There is no telling IF the stock will go lower or HOW MUCH lower it may go. Don't take chances with your investments. Profits should be kept. Loses are meant to be minimized.
Now that I have warned you lets talk about some levels that TSLA may hit before starting to go back up again.
"IF" TSLA is going to go up from here, then $355ish was that level. $354.80 was Friday's low. So that is the level it hit before turning higher. But what if it goes lower?
$351ish - This is the 8day ema. This could be the place where TSLA decides to turn and go higher.
$344ish - This is the most recent pivot. This could be the place where TSLA decides to turn and go higher.
$336ish - This is the most recent support level. It is also the 21day ema.
This could be the place where TSLA decides to turn and go higher.
$327ish - This is where we saw a daily double top in the month of May. This could be the place.
$315ish - This is the 50day ema. This could be the place where TSLA decides to turn and go higher.
I am not predicting any of these levels will be hit. I am looking at the daily chart and sharing levels I think are potential places the stock may decide to turn and go higher. As I said earlier, it may be that $355 was that level where TSLA decided to turn around. In that case, the turn has already happened and it could be up up and away from here...
I was long TSLA options until Friday Morning. Once it went negative on the day I decided to get out of most of my position. I am a big fan of TSLA in the long term. I will look for a place to get involved again. But I refuse to watch my profits disappear because the stock is going down while I am bullish the company... Good luck to all!
