i hope this chart isn't too messy for everyone to see.
first, we had down TL from ATH that acted as resistance.
2nd, we built a channel around the 150-160 lvl prior topping out at 300, which is the ATH down-TL.
3rd. nov-dec-2023 we built a 3 month down channel just like we did around mid 2022. it failed and took so much effort to close above.
4. tsla failed to continue the break out and pulling back to the channel. now it made this daily broadening right-angled and ascending pattern (and about to break lower). based on the encyclopedia of chart pattern.
5 weekly we have uptrend in purple along with ATH and recent down -TL looks like a HUGE symmetrical triangle.
my thought, market ran up alot and particularly for this stock PE is very high. we could see the latest daily formation break down and undercut. Jan-23-2024 earning need to increase EPS ALOT for people to push this stock. if not we might just chop around and under perform the index until interest rate cut, but we don't know how the economy will be then.
ALSO people might use this stock as liquidity to buy chip stocks, since this is over allocated on valuation. if so we might go down down to where PE make sense.
first, we had down TL from ATH that acted as resistance.
2nd, we built a channel around the 150-160 lvl prior topping out at 300, which is the ATH down-TL.
3rd. nov-dec-2023 we built a 3 month down channel just like we did around mid 2022. it failed and took so much effort to close above.
4. tsla failed to continue the break out and pulling back to the channel. now it made this daily broadening right-angled and ascending pattern (and about to break lower). based on the encyclopedia of chart pattern.
5 weekly we have uptrend in purple along with ATH and recent down -TL looks like a HUGE symmetrical triangle.
my thought, market ran up alot and particularly for this stock PE is very high. we could see the latest daily formation break down and undercut. Jan-23-2024 earning need to increase EPS ALOT for people to push this stock. if not we might just chop around and under perform the index until interest rate cut, but we don't know how the economy will be then.
ALSO people might use this stock as liquidity to buy chip stocks, since this is over allocated on valuation. if so we might go down down to where PE make sense.