Seems like I was correct last time about Tesla breaking out of 460 with a full candle and heading to around 480-500 before a slight correction/consolidation. My next prediction is that if Tesla manages to break 500 levels it will head all the way to around $626-$608 before a sharp decline to 500 where it will find a support to then consolidate for a while until it will slowly go up again. Everytime Tesla has consolidated for a long while with low volume and then breaks upwards like now it does so for roughly 14-21 days before the stock goes back to consolidating. This means that a strong buy will remain until late 500 levels. With the presidential election, stimulus package as well as coronavaccine being less of a problem for investors and traders I would say the risk of Tesla going down promptly is highly unlikely but not impossible. But one thing that I would maybe considere a threat to this bull trend would be a big speculation. Now hear me out. I read an article/website about some people buying options that Tesla would reach $600 for hundreds if not millions of dollars within the comming 2 months(Nov and Dec) and I think that they could be people who knew this bull trend would occure because of the forming triangle that it now breaks out from OR that they would be people within the S&P500 board and doing some insider stuff which I know sounds very dumb BUT. Think about this. They announced Tesla's inclusion just as the triangle would pop upwards as I had anticipated. And they say that Tesla will be joining the index on 21 Dec and guess what else happends on that day? Yes that's right, unemployment benefits could end if the US government does not solve this issue. This means that before, under or after the 21 Dec something will happend with Tesla stock. It will either fly upwards like crazy because of the inclusion or the stock will fly down sharply togheter with the rest of the market.
Do not take this for financial advice, this is all but a speculation.
Please write a comment about what you think and I will try to answear them.
Do not take this for financial advice, this is all but a speculation.
Please write a comment about what you think and I will try to answear them.
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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.