Tesla has been going down lately, however: - As we have been in a downtrend, having a sell crowd technical indicators such as RSI, are oversold, indicating a buy signal in 1D and 4H time frames. MACD looks like popping up. - Trends: Well we are in a downtrend so nothing bullish about that, however, we are on the downside of a downtrend and as the downtrend is big, moving up even inside this bear market is a good 20%. Now zoom in on timeframes check 1H, we are making a falling wedge reversal pattern, which is a bullish one. So nothing mega bullish here, but looks like there might be a small good margin to be made here. Not confirmed yet. - News and Reports: Q4 2023 is not looking bad IMO, some might disagree. They have not made the points Analysts expected them to make, so one might say they have underperformed, but if to look at it from the general perspective the company has still doubled from the previous year. Other news is first time in history(if I am not mistaken) Chienes EV producer BYD have beaten them in sales. Now my opinion on this one is mainstream news tries to make it look like a bad stock to buy, so to buy would be the right strategy. We are in a downtrend showing some potential to reverse but nothing is confirmed yet, with some technicals showing buy signals (which usually does not mean sh.t). I am just watching for now waiting for reversal confirmation to jump in on buying for a 20% increase, and there we will see if we are breaking the downtrend to go up further. For now just watch.
Comment
We had a good run up till 203 USD. Now we are down to low levels. However watch the 1h timeframe, MACD making higher lows, where as the price has made lower low compared to before, that could be a sign of bullish divergence. All news look bearish, but we like to do opposite of news anyways. So a little bit of sell during 203 would be smart move if you joined this trade, and if you kept more and are worried about decline, I think give or take couple month, stock would be going up, not recommending to sell.
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