hungry_hippo

TSLA Getting Closer to a bottom

NASDAQ:TSLA   TESLA INC
We all waited 2 years for this crap to tank, and I missed out on it, lol. No support until you pull up a 3 year chart, right around the $180 level.

Oversold on RSI , divergence on MFI . Might consider going long if it throws a reversal pattern later this week, looks pretty weak today.

With $10B in debt and all of the big manufacturers coming out with electric vehicles despite low demand, I see this going back below $100 eventually. The stock market bubble is beginning to deflate, one little bubble at a time.
Comment: Note: I forgot to mention that this is yet another example of a wedgie breaking the wrong way....
Order cancelled: Will wait until $140 to buy this pig. You do not want to get into speculative stocks while the market is tanking.

Looks to me like it broke support anyways.
Think today was the capitulation wick and we run up to earnings end of July.

For earnings, my Bull Target is 250 and my Bear Target is 220.

Thoughts?
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hungry_hippo MrMarketMaker
@MrMarketMaker, bought couple of calls for kicks and giggles today, I think it's going to bounce and waffle in the range you mentioned, maybe even up to $270 to form a H&S pattern.

The problem is that the market looks weak, and TSLA isn't gonna be able to fight the tide anymore. We'll see what happens.
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MrMarketMaker hungry_hippo
@hungry_hippo, not a bad idea. there was a lot of volume today. I think it was a bullish day for the stock IMO. Historically, this RSI level has had really big upswings.

I agree the market looks weak and will bring TSLA down. I don't really see a big dump coming in the near future. 275-285 seems like a solid range when glancing at the charts.
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hungry_hippo MrMarketMaker
@MrMarketMaker, flipped my calls this morning for a wash. I'm not taking a loss on this garbage. Looks weak, market looks weak.

Might take another look next week, but I see no compelling reason to hold any long position over the holiday weekend.
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MrMarketMaker hungry_hippo
@hungry_hippo, I'm not too convinced on the sell volume side. Low volume overall today probably due to the holiday weekend. I'm not holding any positions either aside from my INTC leaps.
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hungry_hippo MrMarketMaker
@MrMarketMaker, the problem here is that other markets are open Monday, so we can see a huge gap up or down on Tuesday depending on what happens with the rest of the world. I'm guessing gap down, because there's no compelling reason for Europe to rally.

Small position in WK and W puts. Not enough to give me heartburn though in case it gaps up.
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I'm buying here,

Lose the Indicators, please sir.

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hungry_hippo MarketMakerTraders
@MarketMakerTraders, why?

In any case, TSLA is pretty good about throwing a reversal pattern before changing directions. All auto manufacturers tanked today including heavy trucks. I'm giving this another day or two before going in.
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