Hi guys,
In this analysis I want to walk through why I see Tesla falling to $110 or below.
As the U.S. market appears to have popped most major companies have seen a decade bull market in most cases and it seems we how have the BIGGIST pull back of the sentry!
I use the 10ema and 50ma as my momentum indicators along with using the trend based fib extension to give me future levels to work with.
With Tesla having already had a significant pullback I see further downside to come. Now there will be rallies in these pull backs as price doesn't just drop but you never know.
With price having fallen under the 10ema on the monthly chart the short-mid term momentum has taken a turn to the downside and we are now technically in a sellers market.
I myself am bullish on Tesla the company and see it doing very well in the long term.
In the short-mid term I see Tesla bounce around 190-170 before heading lower IF the price then falls and holds under the 50ma then the longer term down trend will commence to the lower zones on the chart. If the price of Tesla can hold above the 50ma the stock price may continue on its uptrend if it can brake through the upper levels, as price is currently holding under the 0.382 level price is most likely to continue to the downside for the forcible future.
In this analysis I want to walk through why I see Tesla falling to $110 or below.
As the U.S. market appears to have popped most major companies have seen a decade bull market in most cases and it seems we how have the BIGGIST pull back of the sentry!
I use the 10ema and 50ma as my momentum indicators along with using the trend based fib extension to give me future levels to work with.
With Tesla having already had a significant pullback I see further downside to come. Now there will be rallies in these pull backs as price doesn't just drop but you never know.
With price having fallen under the 10ema on the monthly chart the short-mid term momentum has taken a turn to the downside and we are now technically in a sellers market.
I myself am bullish on Tesla the company and see it doing very well in the long term.
In the short-mid term I see Tesla bounce around 190-170 before heading lower IF the price then falls and holds under the 50ma then the longer term down trend will commence to the lower zones on the chart. If the price of Tesla can hold above the 50ma the stock price may continue on its uptrend if it can brake through the upper levels, as price is currently holding under the 0.382 level price is most likely to continue to the downside for the forcible future.
I would assume we would experience a bounce around $110 area but if the momentum keeps going we will be heading much lower.
I will update the chart on a new idea I've been working on, my new charting modal I'll post in the near future.