Tesla touching its trendline from November 2013 for the third time and it made a 19% bounce from its lows to high so far.
2 weeks ago, the stock's volume had its biggest peak since February 2014. This tells me that the trend lines are very relevant.
The 200 MA weekly has been acting as support all the way and had a total of 4 bounces from this time period. Now since it went under its 200 MA weekly for the first time, I can see it acting as next resistance for Tesla if the uptrend were to continue.
Since Elon's 420$ funding secured tweet and all the other string of bad news for Tesla this stock has been going downhill from its last high. I've been waiting for this price for a long time since it has acted as old support several times.
Tesla will always be a risky investment and a stock that people love to hate but trading opportunities for this stock will always come and from an FA point of view the company may not be delivering always on time, but their business is expanding and their revenue goes up on a yearly basis each year which is what matters.
Comparing this with the technical aspect, I think we have good enough signals for making this a good R:R trade.
2 weeks ago, the stock's volume had its biggest peak since February 2014. This tells me that the trend lines are very relevant.
The 200 MA weekly has been acting as support all the way and had a total of 4 bounces from this time period. Now since it went under its 200 MA weekly for the first time, I can see it acting as next resistance for Tesla if the uptrend were to continue.
Since Elon's 420$ funding secured tweet and all the other string of bad news for Tesla this stock has been going downhill from its last high. I've been waiting for this price for a long time since it has acted as old support several times.
Tesla will always be a risky investment and a stock that people love to hate but trading opportunities for this stock will always come and from an FA point of view the company may not be delivering always on time, but their business is expanding and their revenue goes up on a yearly basis each year which is what matters.
Comparing this with the technical aspect, I think we have good enough signals for making this a good R:R trade.
Trade active:
Comment:
Tesla with some great runs past months, confirming with 0.618 fib and 0.5 as support after reaching $266 for a 50% run from this year's lows. Bouncing 20% the first time and now 10% past 2 days. 3 days in a row with great volume and also the biggest weekly so far in 8 weeks! I think Tesla is set up for a higher price, first testing the MA 200 AROUND $260, before testing the top of the pennant/triangle which is around $272. I added some more shares around $225 and I think it will break out in the following weeks and test $300-330 towards EoY. Long term target for next year is still around $400-500.