(Republishing this)
Hello my dear padawans. This is going to be a quick one.
TECHNICALS
Technicals don't look very good but hey, this is TSLA and many (most?) times it tends to ignore them. Here they are:
1. MACD crossed the signal line bearish and somewhat sharply if compared to the last couple of times. Last time it crossed in similar fashion it dropped about 34%. Doesn't mean it has to happen again but it is something to keep in mind.
2. RSI is also moving sharply to the 30 level. Still a lot of room to go.
3. ADX also turned down sharply. -DI and +DI on the verge of crossing bearish . We could also see them touch and move in opposite directions from here.
4. Price crossed below the 14 and 21 emas on the same candle in what almost looks like a bearish engulfing .
On the positive side, the price found support on the .236 fib retracement and the Argus agency boosted their price target to $1,000 (from the previous $777).
So the overall outlook is bearish for Tesla , specially after what was considered disappointing earnings .
A retracement to the .382 fib level is not our of question so you can monitor the price action from here and position yourself accordingly. I am bullish long term so I bought some shares here and will buy more if it goes lower.
Safe trades!
Share the love:
If you get anything out of this TA, please like the chart so it moves up and others can benefit from my work. A simple click on the like button goes a long ways.
Follow for more:
I have an outstanding winning rate (check my other charts). If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
Hello my dear padawans. This is going to be a quick one.
TECHNICALS
Technicals don't look very good but hey, this is TSLA and many (most?) times it tends to ignore them. Here they are:
1. MACD crossed the signal line bearish and somewhat sharply if compared to the last couple of times. Last time it crossed in similar fashion it dropped about 34%. Doesn't mean it has to happen again but it is something to keep in mind.
2. RSI is also moving sharply to the 30 level. Still a lot of room to go.
3. ADX also turned down sharply. -DI and +DI on the verge of crossing bearish . We could also see them touch and move in opposite directions from here.
4. Price crossed below the 14 and 21 emas on the same candle in what almost looks like a bearish engulfing .
On the positive side, the price found support on the .236 fib retracement and the Argus agency boosted their price target to $1,000 (from the previous $777).
So the overall outlook is bearish for Tesla , specially after what was considered disappointing earnings .
A retracement to the .382 fib level is not our of question so you can monitor the price action from here and position yourself accordingly. I am bullish long term so I bought some shares here and will buy more if it goes lower.
Safe trades!
Share the love:
If you get anything out of this TA, please like the chart so it moves up and others can benefit from my work. A simple click on the like button goes a long ways.
Follow for more:
I have an outstanding winning rate (check my other charts). If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
