07-16-2021
Things to consider/Chart Patterns: I’ve been tracking this descending-triangle since mid-April, which started forming on January 25th, 2021. This descending-triangle is trading exactly as expected. The RSI is showing price volume trend down as well. Price is currently under the Exponential Moving Average.
I believe $555.00 could be a good entrance point for a Bullish overall trend with a price Target around $900.00 per Share. The entrance point would only be valid assuming the electric vehicle market is still growing overall and/or Tesla as a Company. I’ve marked a pink oval to show possible entry points leading to the possible breakout.
Additional Notes: There’s currently a chip shortage, affecting the entire automotive industry. Michael Burry is currently (or at least was at one-time) shorting Tesla, with the over-pricing of the company being one of the factors in his decision. A breakout by September 1st would be ideal, but a “deadline” for the breakout should not exceed October 1st. Tesla’s Q2 earnings report is scheduled for 07-26-2021 (ten days from the current date.) Estimated earing (0.93.) Assuming earrings report exceeds expectations, Tesla might see a re-trace to 697+, possibly to $700.00 per share. I would expect Tesla to fall immediately from the rounding number of $700, as it did with the rounding number of $900 previously. This drop in price could provide an entry point. Tesla recently released their model S plaid edition, which is sparking new interest also.
Things to consider/Chart Patterns: I’ve been tracking this descending-triangle since mid-April, which started forming on January 25th, 2021. This descending-triangle is trading exactly as expected. The RSI is showing price volume trend down as well. Price is currently under the Exponential Moving Average.
I believe $555.00 could be a good entrance point for a Bullish overall trend with a price Target around $900.00 per Share. The entrance point would only be valid assuming the electric vehicle market is still growing overall and/or Tesla as a Company. I’ve marked a pink oval to show possible entry points leading to the possible breakout.
Additional Notes: There’s currently a chip shortage, affecting the entire automotive industry. Michael Burry is currently (or at least was at one-time) shorting Tesla, with the over-pricing of the company being one of the factors in his decision. A breakout by September 1st would be ideal, but a “deadline” for the breakout should not exceed October 1st. Tesla’s Q2 earnings report is scheduled for 07-26-2021 (ten days from the current date.) Estimated earing (0.93.) Assuming earrings report exceeds expectations, Tesla might see a re-trace to 697+, possibly to $700.00 per share. I would expect Tesla to fall immediately from the rounding number of $700, as it did with the rounding number of $900 previously. This drop in price could provide an entry point. Tesla recently released their model S plaid edition, which is sparking new interest also.