There is a bearish divergence between the price and RSI (as well as Stochastic, not on the chart). MACD has been in overbought territory for quite sometime now. This doesn't mean the price has to go down but since there are a few indicators pointing to a move down as well as the fact the price is now at the top of the channel, I would not be surprised if TESLA revisited the lower line of the current channel, around $670-$690. I sold some shares for a huge profit at $700 and $716 (bought at $422). If the price retraces to the lower line of the channel I will add more to my position. My strategy for TESLA is to hold shares for the long term and take advantage of the big swings to trade a few shares and keep some profits in my pocket.
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
***If you get anything out of this TA, please like and follow for future updates and more TA. Thanks a lot!***
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
Comment:
Price gapped up above upper line of the channel. RSI divergence still screaming loud. That could go on for days but I am still expecting a retracement back into the channel and then to the lower part of it. This is Tesla though so you never know.
