I guess we can say that Elon's offloading 10% of his shares was in great part responsible for TSLA's plunge of nearly 29% in the recent weeks and it doesn't help that US markets have also been correcting during this period.
There are now a confluence of technical factors on Telsa' chart that gave conviction to Telsa's rebound yesterday:
Telsa finally hit into a strong support zone around 890-900 on Monday before staging a rebound on Tuesday. I suspect the worst is over for now.
How is this a strong support zone (890-900 region)? Due to a confluence of :
1. a horizontal "ressistence" turned support at 895
2. gap close at 900
3. 50% fibonacci retracement of the BC swing up
4. 100% of the AB retracement projected onto C
Incidentally it appears that Elon is also about done offloading his 10% and the US indices also staged a rebound. With so much aligned, I guess Telsa is looking brighter again in the coming days. :)
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
There are now a confluence of technical factors on Telsa' chart that gave conviction to Telsa's rebound yesterday:
Telsa finally hit into a strong support zone around 890-900 on Monday before staging a rebound on Tuesday. I suspect the worst is over for now.
How is this a strong support zone (890-900 region)? Due to a confluence of :
1. a horizontal "ressistence" turned support at 895
2. gap close at 900
3. 50% fibonacci retracement of the BC swing up
4. 100% of the AB retracement projected onto C
Incidentally it appears that Elon is also about done offloading his 10% and the US indices also staged a rebound. With so much aligned, I guess Telsa is looking brighter again in the coming days. :)
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.