Tesla has had two perfect bounces off of the 50 Day MA, one of which was off of the 61.8 fib level measured from the March lows to August highs.
The charts do not reflect the overvaluation of the company. I remain super bullish on Tesla and will continue to remain bullish until I see a suitable competitor. That does not mean that I am willing to pay $387 for this stock. I am looking for around $253 where I feel like the price is more suitable for future earnings. I think it can still go lower from a Macroeconomic perspective and if it does, I would just buy more. As of right now, I remain neutral/bearish in the near term.
I am not a financial advisor and this is not financial advice. Do your own research and formulate your own theories. These are volatile times. Volatility is profitable if you are on the right side of the market. Good Luck!
As
The charts do not reflect the overvaluation of the company. I remain super bullish on Tesla and will continue to remain bullish until I see a suitable competitor. That does not mean that I am willing to pay $387 for this stock. I am looking for around $253 where I feel like the price is more suitable for future earnings. I think it can still go lower from a Macroeconomic perspective and if it does, I would just buy more. As of right now, I remain neutral/bearish in the near term.
I am not a financial advisor and this is not financial advice. Do your own research and formulate your own theories. These are volatile times. Volatility is profitable if you are on the right side of the market. Good Luck!
As