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$TSLA Oversold - Buy the Blood

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Tesla looking oversold on the daily chart today. RSI at its lowest level since April.
Bounced off the 50d ema line as support this morning. Expecting to see a bullish reversal from this level.

Also of note - Tesla 2020 Annual Meeting of Stockholders and Battery Day Tuesday, September 22, 2020. Expect some additional volatility leading up to this date.

Near term price target - $420.00 (50% retrace)
Stop loss: $330.00

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Note: Educational, not investment advice.

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Stopped out just before the close. Decline continuing after-hours down another 5%.

We'll see where it opens in the AM.

Next level I'll be watching for entry is right around $279 - open gap from 8/11.

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Being left out of the S&P's most recent group of additions is being overblown in my opinion.

Interesting note from the WSJ on the subject:

"The recent announcement doesn’t mean Tesla won’t join the S&P 500 in the near term. A spokesman for S&P Dow Jones Indices previously told The Wall Street Journal that the eight-person committee can opt to include a new company at any time—even outside the quarterly rebalancing."

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