ðFull disclosure: I hold a long position in Tesla.
Please see the chart for the idea.
Tesla stock is currently 13% down from it's all time highs and has been trading sideways for much of 2021. Whilst my overall long term view of Tesla is still very bullish, I wanted to have a look at a PURELY technical scenario if Tesla was to turn bearish in the short-term and make a further 16% correction from current prices ($781), before continuing upwards. If this scenario were to play out, then $650 would act as a strong buy zone with $967 as a price target. This would be a 46% trade.
On the 17th Feb, Tesla price made a strong wick rejection of the 50 day MA indicating the bulls are still taking control.
This idea is purely speculative and for entertainment purposes only.
ðThis is not financial advice. Always do your own research and due diligence. Always wait for directional confirmation before entering a trade.
Please see the chart for the idea.
Tesla stock is currently 13% down from it's all time highs and has been trading sideways for much of 2021. Whilst my overall long term view of Tesla is still very bullish, I wanted to have a look at a PURELY technical scenario if Tesla was to turn bearish in the short-term and make a further 16% correction from current prices ($781), before continuing upwards. If this scenario were to play out, then $650 would act as a strong buy zone with $967 as a price target. This would be a 46% trade.
On the 17th Feb, Tesla price made a strong wick rejection of the 50 day MA indicating the bulls are still taking control.
This idea is purely speculative and for entertainment purposes only.
ðThis is not financial advice. Always do your own research and due diligence. Always wait for directional confirmation before entering a trade.