TSLA LONG after pullback from $502 high.
TSLA rocketed up reaching a high of $502 on 9/1/20 giving Tesla a market cap of roughly 470B. Pullback in part due to general market cooling off and also due to TSLA being left out of the S&P500.
Notice the trend line up - red line.
Notice the counter trend lines - red lines.
Notice the support/resistance levels - blue lines.
There is strong resistance at roughly $300 (really b/w $285 - $325). $300 is also an even psychological resistance/support level.
I expect TSLA will head towards $300, find support, and when the chart crosses the countertrend line it should push back up. Notice that TSLA remains above the SMA 50 (thick orange line) and is still in the "buy zone". If it does break support level and falls below the SMA 50, then it would enter the "sell zone".
Notice the trend line up - red line.
Notice the counter trend lines - red lines.
Notice the support/resistance levels - blue lines.
There is strong resistance at roughly $300 (really b/w $285 - $325). $300 is also an even psychological resistance/support level.
I expect TSLA will head towards $300, find support, and when the chart crosses the countertrend line it should push back up. Notice that TSLA remains above the SMA 50 (thick orange line) and is still in the "buy zone". If it does break support level and falls below the SMA 50, then it would enter the "sell zone".
Penafian
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