Tesla end of January - start of February (920$-824$)
Here is my analysis for Tesla for end of January into the start of February .
1100$ resistance is too strong, the market is slowing down and reversing. You can see there is support at 1040$ that has been pierced twice, first time was a quick rebound, second it dipped below before coming back up forming a very odd shoulder. It is not the best H&S, but the failing resistance makes for a potential short, especially if we dip a third time below it. Added to this that anytime we go past a stable monthly or yearly trend lines, it is usually met with an aggressive down turn, which would complete the H&S.
If we go below 1040, the first target is 920$, represented by the purple dotted lines which is a the quarter bottom of a bullish trend line in a channel of 1+ year of age. If we do go lower, the next target is 824$, which is the bottom of the trend channel, meaning that we probably won't go lower, unless things morph into a bear market.
If we go back up from 824$, it will be a very quick and aggressive run up. If we don't go below 920$, we will go up slowly with lengthy consolidation periods.
Not financial advice, just want to test my theories without backing down.
1100$ resistance is too strong, the market is slowing down and reversing. You can see there is support at 1040$ that has been pierced twice, first time was a quick rebound, second it dipped below before coming back up forming a very odd shoulder. It is not the best H&S, but the failing resistance makes for a potential short, especially if we dip a third time below it. Added to this that anytime we go past a stable monthly or yearly trend lines, it is usually met with an aggressive down turn, which would complete the H&S.
If we go below 1040, the first target is 920$, represented by the purple dotted lines which is a the quarter bottom of a bullish trend line in a channel of 1+ year of age. If we do go lower, the next target is 824$, which is the bottom of the trend channel, meaning that we probably won't go lower, unless things morph into a bear market.
If we go back up from 824$, it will be a very quick and aggressive run up. If we don't go below 920$, we will go up slowly with lengthy consolidation periods.
Not financial advice, just want to test my theories without backing down.
Comment:
Getting to the first target of 920$. I have to comment on my initial prediction. I commented on the H&S but didn't include the bounce from under the support to confirm the pattern, which did happen more or less on the chart. It is a rooky mistake, but all seems good. Also (I don't know how to add pictures to update) you can draw trend line with the descending tops which gives a bottom that adds up with earnings and the bottom of the yearly trend channel.
Comment:
Looks like we are getting close to the bottom of 825$. We might go a bit lower, but expect a little bit of upward accumulation after that before a massive run up.
Comment:
Joe Rogan shilled the cybertruck saying ''its look futuristic and cool'', I have also been reading that the model will come out. All bullish news, expect the prices to react next week as hype builds over the weekend.
Comment:
Elon Musk basically force Joe Bidden to shill Tesla and acknowledge that it is among, if not the, biggest car producer in the USA. Expecting the up spike somewhere between today and February 15th
Comment:
Still looking good ! Wild ride !
Will be interesting to see how things unfold post earnings report. If it's anything like last time, it will set off an aggressive up run, so there might not be a double bottom at the bottom of the channel.