Tesla - Fakeout leading to a -50% drop?

11 Jul 2024

TSLA is currently trading at a key inflection level, forming a trend for the next years.



Within a couple of hours, an entire stock can reverse and fundamentally change its trend. Tesla is still retesting a multi-year resistance trendline and is down about -8% today. If this selloff continues and Tesla rejects the resistance trendline with a massive bearish wick, then we will most likely see a correction back to the lower support of the descending triangle pattern.

Levels to watch: $240, $120

Keep your long term vision,
Philip - BasicTrading

17 Jul 2024

Nota

Quick update on Tesla:

If a stock cannot go up, it must come down - gravity should still be respected. (Unfortunately) Tesla is not really able to break above the confluence of resistance. Two trading weeks left and we will finally have clarity...

Levels to watch: $250

24 Jul 2024

Nota

[b}Quick update on Tesla:

Well, once again news are just following price - this time on Tesla. Today Tesla is down -10%, perfectly rejecting the confluence of resistance and not breaking out of the triangle pattern. Now the next support is literally the bottom of the triangle.

Levels to watch: $120