Tesla is still trading within the profit area I identified on March 19th, 2018. It's currently trading BELOW the 200 days EMA as well consolidating the bear tendence.
On the other hand there has been an adding up of long positions lately, probably in the hope of a bounce right after the Q1 earning report scheduled for May the 2nd.
The movement on the hourly chart shows a probable cup & handle formation taking place. It might be a burst but it is worth taking a close look at it.
If, and I highlight the IF, this formation completes I would set a TP at around 305$ more or less. Still within the profit area I highlighted on March 19th.
It is important to notice that on May the 2nd the company scheduled the Q1 financial reporting and Q&A webcast. I personally do not expect a lot from this. And all I expect is no good news.
The company missed production targets for the Model 3 and we already know that. The company closed down the production lines recently due to various issues and all I expect is a confirmation of all these problems (and much more) in the financial results too.
***As usual, not a trading advice, merely my idea for educational purposes only***
On the other hand there has been an adding up of long positions lately, probably in the hope of a bounce right after the Q1 earning report scheduled for May the 2nd.
The movement on the hourly chart shows a probable cup & handle formation taking place. It might be a burst but it is worth taking a close look at it.
If, and I highlight the IF, this formation completes I would set a TP at around 305$ more or less. Still within the profit area I highlighted on March 19th.
It is important to notice that on May the 2nd the company scheduled the Q1 financial reporting and Q&A webcast. I personally do not expect a lot from this. And all I expect is no good news.
The company missed production targets for the Model 3 and we already know that. The company closed down the production lines recently due to various issues and all I expect is a confirmation of all these problems (and much more) in the financial results too.
***As usual, not a trading advice, merely my idea for educational purposes only***
Comment:
And the stock reached the TP, 305!
Comment:
Well, Q1 results has been negative as expected. What really was unexpected was the way in which the CEO ran the analysts' conference call. I'm honestly speechless.
***As usual, not a trading advice, merely my idea for educational purposes only***