Why Tesla $TSLA may continue to drop and how far?
Lets start with they WHY:
1. Recent tweet from Sir Musk resulting in backlash from BTC clout army of so many ignited the selloff
2. Overall market sentiment especially on tech stocks that recently had bonkers run will continue to bleed more than some of other sectors
3. Market also shows more drawdown to come due to weaker months for the market ahead as we approach end May
4. Lastly, the 200EMA was sliced through with no remorse (today 5/13)
Now onto the HOW FAR:
1. Volume Desert in 'sand' colored oval shows lack of volume/price action hence quick movement in either direction - in this case, downward
2. Green box which was previous resistance (as presented by three arrows) now turned support
3. Green box representing previous resistance now support also the next high volume shelf presenting higher volume/price = interest = potential tutes/$$ coming in to defend
Of course all speculation and I have no current position
+++Confluence = +++probability of occurrence IMO
Look to protect if in via hedging e.g. Puts
Keep look out for opportunity to join the tutes and not just blindly BTD (Looking at June/July
TSLA
timeframe)
All educational and speculative thoughts above - Have a nice day and kindly leave any feedback
TSLA
Lets start with they WHY:
1. Recent tweet from Sir Musk resulting in backlash from BTC clout army of so many ignited the selloff
2. Overall market sentiment especially on tech stocks that recently had bonkers run will continue to bleed more than some of other sectors
3. Market also shows more drawdown to come due to weaker months for the market ahead as we approach end May
4. Lastly, the 200EMA was sliced through with no remorse (today 5/13)
Now onto the HOW FAR:
1. Volume Desert in 'sand' colored oval shows lack of volume/price action hence quick movement in either direction - in this case, downward
2. Green box which was previous resistance (as presented by three arrows) now turned support
3. Green box representing previous resistance now support also the next high volume shelf presenting higher volume/price = interest = potential tutes/$$ coming in to defend
Of course all speculation and I have no current position
+++Confluence = +++probability of occurrence IMO
Look to protect if in via hedging e.g. Puts
Keep look out for opportunity to join the tutes and not just blindly BTD (Looking at June/July
TSLA
timeframe) All educational and speculative thoughts above - Have a nice day and kindly leave any feedback
TSLA