Back on the 2 week chart, Tesla Stock is about to enter what is ridiculously oversold territory, the past 9 years of history has told you that this is the BEST TIME TO BUY
In addition, we entered this zone twice BEFORE making new all time highs, and the second time could be on the horizon
If you missed the dip of January 2023, DO NOT MISS THIS ONE!!!!
I’m looking for a greedy entry at $92. Let’s see how my greedy plays out
Jonalius
⋅
@Geggs1, IMO its best to buy the 200MA on the 2 Week chart which rn sits at $122. At least start some buys there
Geggs1
⋅
@Jonalius yes sir, 100% it’ll probably dip and rip within a few days.
ChartsCanHelpUInTheStockMarket
⋅
“The dip of January 2023?” Yo, this thing has been in a secular downtrend since 2021. That wasn’t a dip. The price action since has been a sucker’s rally / massive dead cat bounce.
Unlike that period of sideways ranging in a secular uptrend, this is currently stuck in a secular downtrend which is a very different condition. Institutions are selling and all the retail dip buyers in the world don't have enough capital to soak up those shares until they decide they're done taking your retirement lunch money.
Just know that the time to buy LOOKS like it was where you've circled. But the really good buy points were at any of the 3 moves away from the moving average retests right after the 2019 circle with stop losses below the reaction low it advanced away from. Your thesis should be that once it enters that area, buy on a return trip out and successful retest of your RSI moving average.
This stock is guilty until proven innocent, and it's got a lot of proving to do with every single moving average 3 years and shorter now pointing down.
If you drop an AVWAP on that spike in 2020, where it had by far it's highest volume action, you'll see on the daily it's now trapped below that which means the average long position from then to now is losing money. Drop another on the 2019 low where the whole big move started and you'll see that caught the last big low, and converges with the 6 year moving average. that looks like a magnet to me, but I still think the evidence says we'll only see more suckers rallies through this year at least. and I'm with the folks that expect this to get below $100.