Checking back in with Tesla since our last TSLA analysis.
Recap:
If you check our previous posts, we had bought
TSLA back at $172 and sold off at $732 (didn't catch the exact top but happy with the gains). The stock was on an unprecedented parabolic run based all on speculation. We sold off, took a short position, and sold off right where we closed the gap in our chart. Tesla had a larger market cap than GM , Ford, and Chrysler (the Big 3) combined, with a 2019 revenue of Tesla $25 billion vs the Big 3: $425 billion, which was a huge flag for us and we saw as extreme overvaluation.
Fast forward to now and not much has changed. TSLA had recovered back to $750 Levels and still remains overvalued to us. In fact, TSLA has been one of the most shorted stocks in the US numerous times. We believe a lot of the bull runs were boosted by the shorts buying their positions back to cover in addition to a lot of inexperienced traders on Robinhood buying into the Cult-like following of the stock. Some investors are even under the impression that SpaceX is a part of Tesla and are unaware that it is currently a separate private company at the moment.
The TA charts show us a nice setup for a short here. At the moment (remember this can always change depending on market news), we would be looking for entry here around these levels and covering at the following targets:
1st Target: $655
2nd Target: $590
3rd Target: Looking to see where the 200 MA lies as support
Shoot us a like and give us a follow as we come back with more updates.
Cheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
Recap:
If you check our previous posts, we had bought
TSLA back at $172 and sold off at $732 (didn't catch the exact top but happy with the gains). The stock was on an unprecedented parabolic run based all on speculation. We sold off, took a short position, and sold off right where we closed the gap in our chart. Tesla had a larger market cap than GM , Ford, and Chrysler (the Big 3) combined, with a 2019 revenue of Tesla $25 billion vs the Big 3: $425 billion, which was a huge flag for us and we saw as extreme overvaluation.Fast forward to now and not much has changed. TSLA had recovered back to $750 Levels and still remains overvalued to us. In fact, TSLA has been one of the most shorted stocks in the US numerous times. We believe a lot of the bull runs were boosted by the shorts buying their positions back to cover in addition to a lot of inexperienced traders on Robinhood buying into the Cult-like following of the stock. Some investors are even under the impression that SpaceX is a part of Tesla and are unaware that it is currently a separate private company at the moment.
The TA charts show us a nice setup for a short here. At the moment (remember this can always change depending on market news), we would be looking for entry here around these levels and covering at the following targets:
1st Target: $655
2nd Target: $590
3rd Target: Looking to see where the 200 MA lies as support
Shoot us a like and give us a follow as we come back with more updates.
Cheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
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.
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.