Hi everyone, I just wanted to quickly share my thoughts on TSLA.
So after an almost 30% correction, TSLA has been ranging between 782.8 and a rough diagonal, upward sloping.
I have plotted the horizontal at 782.8 because I feel like it gets the majority of the resistance. TSLA has broken out of the diagonal trendline and is likely heading further down.
- Based on the 1H 55EMA, 3H 21EMA, 8H 10MA, and the 12H 10MA, I have a target of around $750.
To support this, the RSI has lost the EMA on the 1 & 2H, and is being held under it on the 4H and is being pushed out of the bullish control zone towards the neutral zone. Weekly RSI is dangerously high, almost as high as it was in June 2013.
Stochs are down on major time frames... 1H, 4H, 8H, 24H, 2D, 3D and even the weekly. These tend to get the overall trend when all are in agreeance with each other.
On top of that, TSLA is risking breakage of an RSI formation beginning in June:
I am not advising anyone to short or long, I am just giving some insight into where I believe price action will most likely move to.
If you didn’t buy back in you may be having to do so at above $840. So much upside to this stock, think Amazon, Apple, Google. Tesla is just getting started and could dwarf these companies, in my opinion.
olleyy
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@Acwood, yeah I agree. I have TSLA for the long term :)