The bearish sentiment for Tesla can be categorized into 3 major pillars:
-Elon distracted with being Techno-King of Twitter
-Multiples compression on looming recession in 2023
-Tax Loss harvesting into the end of the year
These sentiments have put downward pressure on Tesla price action. Currently, Tesla is oversold and should bounce due to sellers' exhaustion or any Marco/Elon-related news. Any bounce will take Tesla up to 200 day weekly average @ around 175ish.
-Elon distracted with being Techno-King of Twitter
-Multiples compression on looming recession in 2023
-Tax Loss harvesting into the end of the year
These sentiments have put downward pressure on Tesla price action. Currently, Tesla is oversold and should bounce due to sellers' exhaustion or any Marco/Elon-related news. Any bounce will take Tesla up to 200 day weekly average @ around 175ish.