There's no doubt that Tesla is the most widely talked about, speculative and volatile stock in the Markets. Although we did see some strength last Thursday I was expecting a dip to
177
and I am actually still expecting that to happen. The trendline that I flagged had been touched six times for support and resistance in the recent past and I believe that it is time to retest that line before moving higher. This may likely happen within the next couple of days before the Bulls step in and Rally Back as they are expecting good numbers to come out at the Q1 Financials after EM had previously stated 8 weeks back that they would be mediocre, however that has now changed. The big question is, How Good? Also how well has the Energy Division Performed, and how much has the revenue stream began to ramp up from the National Charging Station Rollout that I suspect will have more of an impact in Q2 than now. For now macd is weakening and RSI may be starting to see itself entering into oversold territory but the CMF for the first time since early February has made a bullish break above the trendline indicating there is more accumulation happening. The last 2 candles filled the Gap up from March 20th which is also a good thing as it also flags completion of that move giving more validity to a reversal. Q! F's are still just over 2 weeks away and anything can happen. Very Strong Resistance is at $202.
177
and I am actually still expecting that to happen. The trendline that I flagged had been touched six times for support and resistance in the recent past and I believe that it is time to retest that line before moving higher. This may likely happen within the next couple of days before the Bulls step in and Rally Back as they are expecting good numbers to come out at the Q1 Financials after EM had previously stated 8 weeks back that they would be mediocre, however that has now changed. The big question is, How Good? Also how well has the Energy Division Performed, and how much has the revenue stream began to ramp up from the National Charging Station Rollout that I suspect will have more of an impact in Q2 than now. For now macd is weakening and RSI may be starting to see itself entering into oversold territory but the CMF for the first time since early February has made a bullish break above the trendline indicating there is more accumulation happening. The last 2 candles filled the Gap up from March 20th which is also a good thing as it also flags completion of that move giving more validity to a reversal. Q! F's are still just over 2 weeks away and anything can happen. Very Strong Resistance is at $202.
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The more I'm looking into this I was reminded as I read another article that "Washington will adopt stricter battery sourcing requirements on April 18 that will limit many EV tax credits." Of course that happens before the Q1F's on the 19th so I expect selling pressure to already begin before any potential good numbers are released. That being said we're likely to have a shorter Rally than originally expected so be prepared to take some profits off the table possibly by the end of the day on Friday.
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Don't you just love when a plan comes together! Thursday we closed at $185.00 and I suggested a drop today to $177.00 with a subsequent Rally. Because I'm not able to Day-Trade I placed my order early this morning at $178.00 because I wanted to make sure my order gets triggered. A couple of times I've missed a rally because I put in a Low Greedy Bid that didn't get taken out... Lesson Learned. I hope some of you were also able to participate. Now it's a matter of watching the markets, following the news, and looking for any sign of weakness in the chart for an expected pullback. I'll likely Post a new chart later this week as mine does not appear to be updating with today's candle in this Idea Thread.
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BTW I did decide to update with a new chart last night because it's important to begin planning for our exit strategy at the first sign of weakness. Look for the Chart, Tesla- Rally On... Thank you
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Sorry.