Let's start by looking at the weekly chart on the right. I drew a red line that I believe marks a 3 year supply line for TSLA. That is, we cannot close above that level on the weekly. I also drew four boxes where TSLA chopped around just below this supply level in the past.
So, Elon had his ER pump that shot price to the moon. Then he released his Cybertruck and continuously pumped price with his reservation numbers.
So what's next? How does Elon pump price further now that those catalysts are behind him?
Two possible negative catalysts may be on the horizon... SEC may (or may not) be looking into the rumors that TSLA cooked their books for ER... take that or leave it. The second possible negative catalyst is Elon pumping the pre-orders numbers. Elon is on thin ice with the SEC and this may be go against his agreements with the SEC.
Long term outlook....
I love Tesla, but I'm bearish on the chart long-term. Until we close over that magenta line, or deviate away from that level into the 200s. Thats my projection.
However, for shorter swings we may have some upside ahead of us. If you look at the daily chart on the left, we're holding the 23.6% retracement on lower volume. I'd want to see a higher low off this level before taking interest in a bullish play. if we start closing below this $327 - $325 area, I'd wait for a deeper pullback into the low ~305-308 area.
For scalpers, the range hasn't been there these past few session, but it was a holiday week, so lets see what this week brings.
So, Elon had his ER pump that shot price to the moon. Then he released his Cybertruck and continuously pumped price with his reservation numbers.
So what's next? How does Elon pump price further now that those catalysts are behind him?
Two possible negative catalysts may be on the horizon... SEC may (or may not) be looking into the rumors that TSLA cooked their books for ER... take that or leave it. The second possible negative catalyst is Elon pumping the pre-orders numbers. Elon is on thin ice with the SEC and this may be go against his agreements with the SEC.
Long term outlook....
I love Tesla, but I'm bearish on the chart long-term. Until we close over that magenta line, or deviate away from that level into the 200s. Thats my projection.
However, for shorter swings we may have some upside ahead of us. If you look at the daily chart on the left, we're holding the 23.6% retracement on lower volume. I'd want to see a higher low off this level before taking interest in a bullish play. if we start closing below this $327 - $325 area, I'd wait for a deeper pullback into the low ~305-308 area.
For scalpers, the range hasn't been there these past few session, but it was a holiday week, so lets see what this week brings.
Comment:
Tesla still holding that 23.6% retracement in a very red market.