TESLA Buy the Powell dip. $1600 long-term target.
Tesla (TSLA) is pulling back today, along with the majority of the market, after Jerome Powell teed up the prospect of a 50 basis-point rate hike in May. On a larger perspective, this looks like a consolidation after the April 05 rejection on the Lower Highs trend-line, similar to the consolidation of July 2021 after the Lower Highs rejection of that leg.
As you see the long-term pattern has been a Channel Up since January 2021 and during the previous Higher Low correction, the last rejection consolidated on a Red Ichimoku Cloud. This is similar to the current rejection. The 1W MA50 (red trend-line) and the 1D MA200 (orange trend-line) has been acting as a solid buy Zone within the pattern.
Our strategy is to add another buy on our portfolio either if the price makes contact with the 1D MA200 again or if it breaks above the Lower Highs trend-line. In either case, the target will be the 1.5 Fibonacci extension level at $1600.
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As you see the long-term pattern has been a Channel Up since January 2021 and during the previous Higher Low correction, the last rejection consolidated on a Red Ichimoku Cloud. This is similar to the current rejection. The 1W MA50 (red trend-line) and the 1D MA200 (orange trend-line) has been acting as a solid buy Zone within the pattern.
Our strategy is to add another buy on our portfolio either if the price makes contact with the 1D MA200 again or if it breaks above the Lower Highs trend-line. In either case, the target will be the 1.5 Fibonacci extension level at $1600.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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