📊 Tesla Going Down, Way Down... More Down, No Lower!

Tesla (TSLA) has been printing lower highs since July 2023, which means that the downtrend is an old one.

A lower high is confirmed 28-Dec. by the fact that the last four sessions are full red and pushed the stock below EMA10, EMA21 and EMA50, with EMA100 still working as support today.

The RSI is now bearish (below 50) and trading volume still low.
The low volume indicates that we have yet to see the meat of this move; this is only the beginning.

It can go really far down; The targets (support levels) can be seen on the chart.

Namaste.

Comment:

EMA100 is no longer working as support, in fact, Tesla (TSLA) is now trading below EMA100, EMA200, MA200 and EMA300 while gaining in bearish momentum.

The RSI is super weak and becoming weaker...

Everything is set to move lower based on the charts... There is still some time left.

I hope you find this information useful.
I shared this correction warning with you in mind...

Thanks a lot for your support.

Namaste.

Comment:

Tesla complete breakdown is now confirmed.
We have a ~2% drop (11.81%) since sharing this trade idea January 3; a major drop by all standards.

I activated all the moving averages so you can see, it is trading below all of them including EMA300/200 and MA200 which are major long-term indicators.

The RSI is very weak below 30 and signals that this will be a strong correction.
This is only the beginning... Prepare for massive red.

Namaste.

Comment:

Ultra-bearish.

No signs of recovery, daily rejections not even a bounce... Tesla (TSLA) set to move more down; according to this chart:

The RSI is really weak...

Wait, there is more... Weekly also red.
4 weeks closing red with this week red as well:

In October '23 a bounce happened at EMA200 (purple line).
Some people might wonder, will this same level work as support again and produce a recovery/relief rally?

No!
Why?

I shall explain.

When EMA200 worked as support in October the end result late December was a lower high, which means that a lower low follows. If a higher high was hit instead compared to the previous peak, you can expect this support level to hold (that is 201), since we have a lower high, it will be tested again but the bears have the upper hand.

The chart says lower and so we also say lower...

Enjoy your profits.

Thanks for the trust and support.
You shall reap the rewards.

Namaste.

Comment:

TSLA is trading weekly below MA200 which is a major bearish signal.

When below this level, long-term bearish potential is confirmed.

Notice that in October 2023 there was never a close below this level.

The bounce ending Dec. 2023 produced a lower high.

This is a very strong signal.
The trend has been bearish since July 2023, a long-term distribution phase with a downward bent.

Likely headed lower.

Namaste.

Comment:

Today the TSLA (Tesla) stock hit the lowest price level in almost 3 months, confirming a lower low vs October 2023.

This major drop today also produced a falling window, leaving a gap behind.

This gives us two signals:
1) Major bearish momentum confirmed.
2) This gap will be visited again in the future. Sometimes a pullback can happen almost immediately while other times it can take months or years before the gap is filled. The falling window works in favor of the bearish bias.

Multiple strong support levels lost, the RSI continues to weaken, the weekly chart allows for additional blood. (-22.55% since sharing)

I hope you found this trade idea timely... Feel free to boost and comment to register your support.

Namaste.

Comment:

Tesla (TSLA) is now headed toward 140, easily; it is trading below support.

From my perspective, it seems it will continue lower and lower.

It will become negative and when the time for recovery comes some fundamental news will show up pushing the stock even lower. That's my speculative opinion. Something related to Mr. Musk quitting.

The chart says down though.

Here you can see it long-term (if you want more targets)

📊 Tesla Professional Analysis

Namaste.