Don't Be Fooled By Tesla's Big Moves
I often say that I do not begrudge anyone for making short-term plays in an effort to capture some of the bubble we're in right now. That said, my long-term outlook on Tesla remains the same. I had previously identified a rising broadening pattern within a rising broadening pattern on this stock.
The two overshoots of the larger broadening pattern were both intraday "wicks." After retreating from the lofty heights on the 13th of July, it simply reentered the smaller broadening pattern. And today's action jammed it right up into that channel. I suspect it will not be able to push its way through that, and even if it is able to, I would not expect it to be able to stay there.
The two overshoots of the larger broadening pattern were both intraday "wicks." After retreating from the lofty heights on the 13th of July, it simply reentered the smaller broadening pattern. And today's action jammed it right up into that channel. I suspect it will not be able to push its way through that, and even if it is able to, I would not expect it to be able to stay there.
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