$TSLA 2020-NOV-28
πΌππππππ πππππΌ ππππ π½ππππ πππ...
There are levels of humor in that joke, but I digress.
Tesla has comfortably broken through it's previous high water mark and is in clear price discovery phase right now. Of some concern is the falling levels of volume - though the week of green candles don't seem to notice (yet). RSI is also reaching into overbought, and we can see on the daily chart that this has been an area that has resulting in pullbacks, or at least prolonged periods of consolidation.
From a technical standpoint, it would make sense for this cycle to cap out around $600 (a natural psychological barrier). Tesla is also a stock that is quite used to seeing 15-20% corrections (thanks, r/wallstbets...) - so that would give us a nice retest of the previous high point, and a clean reset of the RSI too.
I wouldn't be buying right now, though I also wouldn't be looking to sell either. We are positioned in the middle of the channel and there is plenty of fat left on the bone.
There are levels of humor in that joke, but I digress.
Tesla has comfortably broken through it's previous high water mark and is in clear price discovery phase right now. Of some concern is the falling levels of volume - though the week of green candles don't seem to notice (yet). RSI is also reaching into overbought, and we can see on the daily chart that this has been an area that has resulting in pullbacks, or at least prolonged periods of consolidation.
From a technical standpoint, it would make sense for this cycle to cap out around $600 (a natural psychological barrier). Tesla is also a stock that is quite used to seeing 15-20% corrections (thanks, r/wallstbets...) - so that would give us a nice retest of the previous high point, and a clean reset of the RSI too.
I wouldn't be buying right now, though I also wouldn't be looking to sell either. We are positioned in the middle of the channel and there is plenty of fat left on the bone.
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