Tesla has been a little volatile over the course of the COVID season, needless to say. Its most recent slip saw it drop to about 780/share, but with its very strong close to last week, $TSLA now hovers around the 835 mark, seemingly having shattered an 820 resistance mark that seemed as strong as the titanium in its battery cells!
Many long-term Tesla bulls have decried this to be a holding that has very little downside, and it may appear at this moment to be at least mostly true. $TSLA harmonics are shaping up for a very big run after failing to reach much of a trough through the SHORT which really never was.
Did the opportunity exist to re-position? Certainly. Some of us tried. But with the volatility of $TSLA the best anyone probably could have gained was around the 20/share mark. For those with bigger holdings, the re-positioning makes enough sense. For those simply looking to manipulate a smaller holding, it was simply a chance to get burnt, or suffer a total waste of time in a vacant wash.
Regardless, $TSLA now is shaping up to be the mega-long-term hold investors consider it to be, and further tests of a bottom trough resistance mark look, at least for now, quite unlikely. Bears had been insinuating this would re-visit its March lows when it dipped under 500/share, but that is now looking mostly like wishful thinking with Tesla's next major resistance mark potentially not occurring until the 850+ per share mark. Now's a time to re-enter, load up, or double-down, because the short window is just about closed, and it was barely open to begin with...
Happy Trading!
Many long-term Tesla bulls have decried this to be a holding that has very little downside, and it may appear at this moment to be at least mostly true. $TSLA harmonics are shaping up for a very big run after failing to reach much of a trough through the SHORT which really never was.
Did the opportunity exist to re-position? Certainly. Some of us tried. But with the volatility of $TSLA the best anyone probably could have gained was around the 20/share mark. For those with bigger holdings, the re-positioning makes enough sense. For those simply looking to manipulate a smaller holding, it was simply a chance to get burnt, or suffer a total waste of time in a vacant wash.
Regardless, $TSLA now is shaping up to be the mega-long-term hold investors consider it to be, and further tests of a bottom trough resistance mark look, at least for now, quite unlikely. Bears had been insinuating this would re-visit its March lows when it dipped under 500/share, but that is now looking mostly like wishful thinking with Tesla's next major resistance mark potentially not occurring until the 850+ per share mark. Now's a time to re-enter, load up, or double-down, because the short window is just about closed, and it was barely open to begin with...
Happy Trading!