Hello fellow traders and investors, here's an update on the previous TESLA trade idea. TSLA has recently pulled back to the trendline, previously TSLA tends to make a reversal whenever it approaches the trendline. If TSLA makes a full recovery it offers a little bit over a 60% ROI.
Technicals: The Macd indicates that TSLA is oversold The Macd indicates that TSLA is still in a downtrend The Ema's indicate that TSLA is still in a downtrend
When To Buy: When EMA's crossover When the Macd indicates a reversal by crossing its EMA
When To Sell: If you are an investor and interested in buying TESLA then this could be a good opportunity to get in at a lower price however TESLA is wildly overvalued and at a P/E of 905. If you are planning on taking a shorter-term trade then I recommend selling at the previous high.
I hope you enjoyed this quick analysis and many more to come. If you enjoyed leave a like and follow, Thanks.
@ecod3r, If it holds the trendline and indicates a reversal then this would be a good entry point but if it continues to fall then most likely 350 to 440$ as an entry point