Tesla is now officially in bubble territory as it breaks above the major rising wedge pattern that has formed over the last decade (should be confirmed by the end of this week). Essentially, the stock price is going parabolic, similarly to Apple's stock price. Keep in mind that this means two things: 1) the stock price will see parabolic price movements in the coming months; 2) the resulting consolidation on the weekly chart will likely result in a multi-year bear market with heavy losses for most market participants. So, my outlook is bullish short-term (6 months) while bearish medium (2 years) and longer term (5 years).
My previous Tesla trade ideas:
PS. If you find my charts and comments useful, be sure to follow me on Twitter where I post more frequently.
My previous Tesla trade ideas:
PS. If you find my charts and comments useful, be sure to follow me on Twitter where I post more frequently.
Trade closed: target reached
