TSLA Tesla has reach and bonce from a key support level, as seen on the chart, in the Golden Pocket, between the 61.8% and the 78.6% Fibonacci Retracement, and it is shown two weekly hammer candlestick bar near each other, which is bullish. Odds that it has already found a mid-term bottom is high.
Now I expect a multi-week bounce from here, probably to the next Golden Pocket at the top, which is between $385 to $430 USD.
And yes, Elon Musk upset his customer base, and the stock is very expensive compared to other car manufacturers, and will probably see little to no growth in sales this year, or even a decline, insiders has sold big amounts of shares and it is all looking bad. And yes, we have probably already seen the top in Tesla in December last year for a long time.
However, stocks don’t generally go down in a straight line, the stock, as well as the stock market in general is oversold and do for a bounce, maybe a big bounce.
After the bounce, I will be looking for shorts, but now, I’m looking for longs.
Good luck to you
Trade active
Raising stop to breakeven, risk is off, now let's just enjoy the ride.Note
Still holding, waiting for upside target to be reached.Trade closed manually
I'm closing the position with a small gain.Market does not look good, neither Trump tariffs nor the upcoming recession. Market reaction is not what I expected.
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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.