Most of you are still in a bearish sentiment with Tesla. That's why I want to show you a bigger picture and why I'm longterm bullish.
Tesla is one of the best stocks that plays with the rules of technical analysis!
As you can see, the chart moves perfectly inside a fibonacci channel.
Let's start with some wave analysis:
Now let's look at the retracements and possible extention targets:
If we look closely, we can find a big inverted head and shoulders pattern with a target that matches our 500$ extention target:
So everything depends if we have already finished our retracement:
On a lower time frame, we see a reversal pattern:
If we want to have a bull run, we need to break this price levels:
Overall this chart look really promising that we hit our reversal and shifting to a bullish sentiment.
As long as we hold 175$, the trend is still intact. If we break below, I have to reconcider!
So far I am bullish.
PS: This is not a financial advice and do your own due diligence!
Tesla is one of the best stocks that plays with the rules of technical analysis!
As you can see, the chart moves perfectly inside a fibonacci channel.
Let's start with some wave analysis:
Now let's look at the retracements and possible extention targets:
If we look closely, we can find a big inverted head and shoulders pattern with a target that matches our 500$ extention target:
So everything depends if we have already finished our retracement:
On a lower time frame, we see a reversal pattern:
If we want to have a bull run, we need to break this price levels:
Overall this chart look really promising that we hit our reversal and shifting to a bullish sentiment.
As long as we hold 175$, the trend is still intact. If we break below, I have to reconcider!
So far I am bullish.
PS: This is not a financial advice and do your own due diligence!