TSLA is now at a longer term horizontal support zone (168-180), after having retraced 61.8% of it's major AB upswing that had begun in March 2020(see monthly chart).
A short term bounce looks to be due as we are now seeing a bullish divergence between price and RSI on it's daily chart, but whether this is "THE" low remains to be seen as the overall trend is still down at the moment. Having said that, the chance that it is bottoming is higher should we start seeing more of the FAANG stocks pivoting.
Can only wait and see.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
A short term bounce looks to be due as we are now seeing a bullish divergence between price and RSI on it's daily chart, but whether this is "THE" low remains to be seen as the overall trend is still down at the moment. Having said that, the chance that it is bottoming is higher should we start seeing more of the FAANG stocks pivoting.
Can only wait and see.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!