đź“šFull disclosure: I hold a long position in Tesla.
Please see the chart for the idea.
Tesla stock is currently 13% down from it's all time highs and has been trading sideways for much of 2021. Whilst my overall long term view of Tesla is still very bullish, I wanted to have a look at a PURELY technical scenario if Tesla was to turn bearish in the short-term and make a further 16% correction from current prices ($781), before continuing upwards. If this scenario were to play out, then $650 would act as a strong buy zone with $967 as a price target. This would be a 46% trade.
On the 17th Feb, Tesla price made a strong wick rejection of the 50 day MA indicating the bulls are still taking control.
This idea is purely speculative and for entertainment purposes only.
🔎This is not financial advice. Always do your own research and due diligence. Always wait for directional confirmation before entering a trade.
Please see the chart for the idea.
Tesla stock is currently 13% down from it's all time highs and has been trading sideways for much of 2021. Whilst my overall long term view of Tesla is still very bullish, I wanted to have a look at a PURELY technical scenario if Tesla was to turn bearish in the short-term and make a further 16% correction from current prices ($781), before continuing upwards. If this scenario were to play out, then $650 would act as a strong buy zone with $967 as a price target. This would be a 46% trade.
On the 17th Feb, Tesla price made a strong wick rejection of the 50 day MA indicating the bulls are still taking control.
This idea is purely speculative and for entertainment purposes only.
🔎This is not financial advice. Always do your own research and due diligence. Always wait for directional confirmation before entering a trade.