Hello fellow traders and investors, here's an update on the previous TESLA trade idea.
TSLA has formed an inverted head and shoulders pattern on the 2H timeframe. If Tesla makes a full recovery it offers a 30% ROI.
Technicals:
(4HR Timeframe)
The Macd indicates that TSLA is oversold
The Macd indicates that TSLA is still in an uptrend
The Ema's indicate that TSLA is still in an uptrend
When To Buy:
(2HR Timeframe)
I think the EMA's will crossover to the downside and I am recommending you to buy when EMA's crossover again but to the upside.
When To Sell:
If you are an investor and interested in buying TESLA then this could be a good opportunity to get in at a lower price however TESLA is wildly overvalued and at a P/E of 1088. If you are planning on taking a shorter-term trade then I recommend selling at the previous high.
Fundamentals: Tesla, Inc. engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation, and storage systems. It also provides vehicle service centers, supercharger stations, and self-driving capability. Tesla is currently overvalued at around a P/E of 1088, a short float of 6%, a sales growth of -56% Q/Q and earnings per share growth of 124% Q/Q.
About the inverted Head and Shoulders:
I could potentially see Tesla heading as low as 575$ since the head and shoulders pattern works much more effectively on breakouts so if it rejects the break above the 2nd shoulder I envision Tesla going lower however if it breaks through then I envision a full recovery to around 880$.
I hope you enjoyed this quick analysis and many more to come.
If you enjoyed leave a like, follow, share and comment your thoughts.
Thanks
TSLA has formed an inverted head and shoulders pattern on the 2H timeframe. If Tesla makes a full recovery it offers a 30% ROI.
Technicals:
(4HR Timeframe)
The Macd indicates that TSLA is oversold
The Macd indicates that TSLA is still in an uptrend
The Ema's indicate that TSLA is still in an uptrend
When To Buy:
(2HR Timeframe)
I think the EMA's will crossover to the downside and I am recommending you to buy when EMA's crossover again but to the upside.
When To Sell:
If you are an investor and interested in buying TESLA then this could be a good opportunity to get in at a lower price however TESLA is wildly overvalued and at a P/E of 1088. If you are planning on taking a shorter-term trade then I recommend selling at the previous high.
Fundamentals: Tesla, Inc. engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation, and storage systems. It also provides vehicle service centers, supercharger stations, and self-driving capability. Tesla is currently overvalued at around a P/E of 1088, a short float of 6%, a sales growth of -56% Q/Q and earnings per share growth of 124% Q/Q.
About the inverted Head and Shoulders:
I could potentially see Tesla heading as low as 575$ since the head and shoulders pattern works much more effectively on breakouts so if it rejects the break above the 2nd shoulder I envision Tesla going lower however if it breaks through then I envision a full recovery to around 880$.
I hope you enjoyed this quick analysis and many more to come.
If you enjoyed leave a like, follow, share and comment your thoughts.
Thanks