This is only a 30 Minute Chart analysis and shows the primary price action as Tesla topped out on Friday and pulled back. The consolidation Price Point at approx. $244.00 in the latter part of the day was on considerably lower volume than throughout the rest of the day where overall we saw Huge Volume at 199 million shares traded.
Additional news for Tesla regarding confirmation of a Gigafactory in China, talks with Spain, other Industry Collaborations, as well as updates to other divisions of Tesla that are non EV Related can all quickly cause the Price action to reverse and continue back up on Bullish Sentiment but the Price needs to be in alignment with current fair market value. I certainly expect at this point that the next 2 reporting quarters we will have considerable eps surprises to help prop up and push the price higher but what about now. Recent News does not immediately add revenues into the Bank Account.
The one thing we have yet to hear from are the Analysts and Upgrades to OUTPERFORM. At this point I fully expect 7 to be coming forward with these revised statements in the next 1-2 weeks. To not do so would be negligent on their parts given recent news.
So this Short Term Chart itself confirms 2 sell signals with a Descending Triangle that is a Bearish Pattern as well as a negative Divergence clearly shown on the Money Flow Index meaning that there is more money leaving than flowing into the stock at this point and so barring the fact that we have a couple of days without any additional news of any impactful significance I see a potential drop as indicated.
Additional news for Tesla regarding confirmation of a Gigafactory in China, talks with Spain, other Industry Collaborations, as well as updates to other divisions of Tesla that are non EV Related can all quickly cause the Price action to reverse and continue back up on Bullish Sentiment but the Price needs to be in alignment with current fair market value. I certainly expect at this point that the next 2 reporting quarters we will have considerable eps surprises to help prop up and push the price higher but what about now. Recent News does not immediately add revenues into the Bank Account.
The one thing we have yet to hear from are the Analysts and Upgrades to OUTPERFORM. At this point I fully expect 7 to be coming forward with these revised statements in the next 1-2 weeks. To not do so would be negligent on their parts given recent news.
So this Short Term Chart itself confirms 2 sell signals with a Descending Triangle that is a Bearish Pattern as well as a negative Divergence clearly shown on the Money Flow Index meaning that there is more money leaving than flowing into the stock at this point and so barring the fact that we have a couple of days without any additional news of any impactful significance I see a potential drop as indicated.
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I posted these comments in Tesla Minds with a one hour chart. I had trouble trying to add it here. Definitely not a time to buy in, IMHO. This is a one hour chart and it's showing a Very Strong Negative Divergence on the Money Flow Index even though the price has Crept higher. I love Tesla but a Pull Back is Healthy before it's next leg up. I never thought I'd say this but I'd like to see the Bears show up as they help create better perspective relative to regulating Price Point.
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