Not much has changed on the charts except now....
We see the Weekly is almost oversold (go oversold!!!-- aka below my cut off line). What happen when this last happen? Bounce!
What has happen whenever Tesla has gone oversold on any chart timeframe? Bounce! This is one of the biggest screamers to me that this joke of a sell off is almost over....
Why do I say "joke.."?
THIS WEEK: I heard a couple things.
(i) Bogus low target calls by big banks (M. Stanley) and another of 10 and 40$ respectively.
(Ii) Tesla short sellers have made 1 billion dollars in May alone this year.
This is absolutely insane. FRAUD! (Of course it is legal, so I dont mean "fraud" in the real sense).. However, when the bank says "Tesla to 10$ a share in bear case."
Some of us regulars may freak the F out and sell our positions if we have them. ALLL THIS IS DOING is filling their shorts, making them money. It's gotta stop.
Fortunately, the chart is telling us this SHOULD stop. AKA the sell off, and bogus bear target calls.
******Note***** My whole analysis is voided if we weekly close below the BLUE 0.618 Fib line. Aka , weekly close below 180$ and I will have to look back at this (or-- probably look away).
I dont think we will get there though...
Does anyone else think how f**Ked up it is that the banks can make these calls, sinking the stock and thereby filling their shorts? Its insane.
My (non-financial advise) recommendation is to... HOLD. Hold it, you may rightly sell if we close the weekly below 180$ (this would be next week).
Buy, get your buy orders in from 181-185$.
This makes for a low risk trade.
Big target potential. I think the sell off must be coming to an end. WHERE IS THE PERSON ON CNBC SAYING WHAT I HAVE SAID ABOUT BANKS BEARS CALLS TO FILL THEIR SHORTS?
(Im not upset). I just dont like the possibility of big money screwing us traders who actually LOVE :) tesla .
However, I dont even think we will go near this... We could, but it would most likely be VERY quick.
Thank you for the comment! 100% with you, safe trading. (Tesla safe longterm! Bears out of steam soon :) ) Thx.