Hello Traders, welcome to today's analysis of Tesla.
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Explanation of my chart analysis:
Tesla has been trading in a triangle continuation pattern for a very long time now. We saw the same type of pattern back in 2019 followed by a 1.500% pump. A breakout above the current resistance trendline could lead to a similar price behavior.
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I will only take a trade if all the rules of my strategy are satisfied.
Let me know in the comment section below if you have any questions.
Potential breakdown is much more likely than potential breakout. TSLA is fundamentally overvalued. By a lot.
Ryan_F
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@bjorn2z, if you're so confident short it and see what happens
bjorn2z
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@Ryan_F, What makes you think I am not already short? I have been short since Nov 2021. Closed for a gain in Dec 2022. Short a second time in July 2023, closed in Sep. Short a third time last month. My Current Allocation: Long: 94% JAAA/PULS/SGOV/TFLO/FDRXX, 6% FNGD, and Short: 10% NVDA, 10% TSLA/ITB/WING
GoldenEagle9
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@bjorn2z, Short it then. im not an EV fan but pretty clear that TSLA is more than a car company. 400 is my trgt for 2024.
@GoldenEagle9, Yeah, sure. TSLA is more than a car company. It is a stock printing/diluting ATM for Musk. And cult members hand over their money buying overvalued TSLA stock. You all should look up the chart of CSCO from March 2000. TSLA will be lucky to do as well as CSCO.
basictradingtv
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@bjorn2z, yes, but it has been overvalued for over 3 years now...
bjorn2z
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@basictradingtv, You are right. It has been overvalued for three years. And falling. 400, 300, 250....double digits coming. Soon. Nothing goes up forever. Rapid Unplanned Disassembly next. Musk cannot fool all the people all the time. The bullish period of 2017 to 2021 ist vorbei. Es ist alte Geschichte. Der Schnee von gestern.