So, I've been bearish on TSLA around that $400 mark and was waiting for more PA to evolve before calling the shots. It broke down. Quite rapidly actually. Currently looking to see what happens when price floats around that 200HMA in red. Also looking at weekly RSI that broke down the centre of the channel. If RSI on weekly cannot reclaim above centra at 50 and price has a hard time returning above 200HMA, I'll be looking for another leg down on HTF. I'm looking at weekly timeframe here so be mindful about that. I'm fluid. For me, price doesn't have to get a clean rejection for me to make up my mind. Although, that would make life easier, I'll also look at how price behaves around a certain price level. What I mean by that is: I don't care whether the price will go higher than that 200HMA in daily candles. I care about weekly closes and formations around that area.
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Early signs are leaning bearish. But early signs are early signs. So let's not get ahead of ourselves.Note
Around the $400 area on Twitter there were well known Tesla fans posting about buying the stock and how it would go to $1.000 next. Meanwhile price is down 45% from the local high. Now I'm not on Twitter anymore, because... well we all know it's a shit show, but I can already smell those same guru's telling you to buy the dip. Because 'Tesla is not a car company'. Back to the chart: things aren't looking pretty in the markets. And I currently see no reason why Tesla would be different.
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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.