Looks like a head and shoulder pattern in a mid-term trend. A completion of the H S pattern will also bring upon a break in 200dma, very tragic for Tesla.
I am a long term bull and lover of the company, but am short for now.
let me know if you agree or not, am quite new to charting and very interested to exchange ideas and views with others on this forum.
Based on fib area and also a bullish bat (sorry for horrid lines), I'm guessing if we break 200dma, we are headed down to 190 within 3 months, this is of course pending that OPEC keeps oil prices low.
If not, we should be holding on to the very strong support of the 200dma that has held Tesla up quite a few times since 2011.
Price upside is 265. downside entry 195.
From the past year chart, we can see how Tesla has consistently bounced off the 61.8 retracement.
Is this reliable? I would love to hear your feedback!
Oil has been trounced, major decline since Jun 2014. Almost 40% has been wiped out because of OPEC being little kids and not controlling supply. Possible reasons are to combat the EV and solar industries.
Anyway, ETF is close to the retracement point, I have an alert for 46.8 and will go long when a few factors like OPEC readjusting their stance on oil price as...
