This is probably going to be an unpopular opinion but I believe the Tesla stock is a bubble built on hype. From a fundamental perspective, up until this last year, Tesla has been losing money since it started. While the profits were pretty good, the larger, more equipped auto manufacturers are making EV's a priority which is going to eat in to Tesla's market share. Overall, I think this stock is incredibly overvalued...by like 5x. Additionally, there are better valued EV manufacturers out there with a more positive upside like NIO.
As for the chart...there was a really strong bull run with no real cooling off period. We reached the top where it tried to form a pennant. Normally, i see this as a strong bullish indicator however, price fell through the lower side telling me the sellers are taking control of the market. I'm looking for price to recover up slightly, probably around $700 or so, then continue the sell off down to the mid $400's.
As for the chart...there was a really strong bull run with no real cooling off period. We reached the top where it tried to form a pennant. Normally, i see this as a strong bullish indicator however, price fell through the lower side telling me the sellers are taking control of the market. I'm looking for price to recover up slightly, probably around $700 or so, then continue the sell off down to the mid $400's.