Don't get me wrong I like TSLA and what they're doing, putting things into vehicles we'd have never thought of... Biohazard mode helped out hundreds to thousands during the wildfires in Cali. Summon, pretty awesome. However... Gotta admit this looks ridiculously parabolic. Less than $200 about 7 months ago, now up almost 200%. Expecting this to give up ground somewhere in the next few months or so. Red dashed line is a support from recent as well as a few spots from back in 2019. RSI overbought on daily, 3 day and just popped over 70 on the monthly. Steady accumulation since around beginning of December.
Not saying this will drop all the way to the $360 area where the red line is, but still thinking at least $480 will get filled and maybe even $430 at the very least. You know the bulls will never give up $420 (funding secured).
Not advice, or saying it's a short now. Just pointing out certain aspects of this chart and it's meteoric rise over the last few months and how it could possibly be needing a correction at some point.
Also, a 20% correction from today's close would be $419.84 lol
Not saying this will drop all the way to the $360 area where the red line is, but still thinking at least $480 will get filled and maybe even $430 at the very least. You know the bulls will never give up $420 (funding secured).
Not advice, or saying it's a short now. Just pointing out certain aspects of this chart and it's meteoric rise over the last few months and how it could possibly be needing a correction at some point.
Also, a 20% correction from today's close would be $419.84 lol
Comment:
Thinking we're seeing a dead cat bounce here. MACD is not helping on the daily being about to go red. Needs a strong day to turn that around.