TSLA is now at a longer term horizontal support zone (168-180), after having retraced 61.8% of it's major AB upswing that had begun in March 2020(see monthly chart).
A short term bounce looks to be due as we are now seeing a bullish divergence between price and RSI on it's daily chart, but whether this is "THE" low remains to be seen as the overall trend is still down at the moment. Having said that, the chance that it is bottoming is higher should we start seeing more of the FAANG stocks pivoting.
Can only wait and see.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
Great! The idea for this asset fits the current macro situation. In the next ideas I would like to see a more detailed description of the idea.
Juliac
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@TradingStat, short term bounce for now, unless we can see more confirmation (for eg reversal candle pattern in the higher time frame,or change in the daily structure etc).
StockMarketBaller
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@Juliac I agree with you. At most I see 195-200 TSLA before it possibly falling again
Juliac
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@StockMarketBaller, it's possible as we don't have any (clear) signal yet that the trend is turning. The economic data coming out this week should give a clearer picture if the worst is over (at least in the near term).