TSLA Bearish Pennant
https://www.tradingview.com/x/DjxdO6Dy
TSLA
I'm torn on Tesla (TSLA). While I believe Elon Musk is a visionary leader, the stock's short-term outlook appears challenging. Increased pressure from Chinese manufacturers like BYD and broader macroeconomic headwinds make a bullish picture difficult.
Tesla is more than just an automaker, with tailwinds from its energy storage, self-driving, and robotics divisions. However, these aren't likely to materialize in the near term.
Recent Developments:
Bullish Case: TSLA recently broke above a downward trend line and is finding support on the 100-DMA. If this holds, we could see higher highs compared to the most recent run-up.
Bearish Case: A break below the bearish pennant while below the 200-DMA could target the previous low this year. While there's a chance of a buying spree at that point, a continued decline is also possible.
TSLA I'm torn on Tesla (TSLA). While I believe Elon Musk is a visionary leader, the stock's short-term outlook appears challenging. Increased pressure from Chinese manufacturers like BYD and broader macroeconomic headwinds make a bullish picture difficult.
Tesla is more than just an automaker, with tailwinds from its energy storage, self-driving, and robotics divisions. However, these aren't likely to materialize in the near term.
Recent Developments:
- Broke below 200-day moving average (DMA).
- Retested and failed to break above the 200-DMA multiple times.
- Formed a bearish pennant pattern between the 200-DMA and 100-DMA.
Bullish Case: TSLA recently broke above a downward trend line and is finding support on the 100-DMA. If this holds, we could see higher highs compared to the most recent run-up.
Bearish Case: A break below the bearish pennant while below the 200-DMA could target the previous low this year. While there's a chance of a buying spree at that point, a continued decline is also possible.
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