TSLA close analysis 6/12/2023

13 Jun 2023

Bulls stopped to refuel after the blow off top. Note the trendline from June 7th drawn on the oscillator still remains intact and looks like it wants to cross up again. On a strictly chart basis, I would say an early oscillator cross in the AM would support a move even higher. Next target: 265. I'd give this a >50% chance.

But... What will inflation data and CPI give us tomorrow?

I momentarily flipped on moving averages 20/50/100/200. Look how incredibly extended we are through this run. At some point in time, mean reversion will come into play. If data and news induce a bearish reaction, I think 235 is an equally likely reaction target. More-so, if this happens BEFORE the market opens with an entire day follow through it would print quite the island reversal. I'd give this super low odds but it sure would be beautiful.

I'm neutral and scalp only. Breaking below 241.5 is certainly a short opportunity. Good luck trading out there and exercise patience with this one by reacting, not predicting.

14 Jun 2023

Catatan

Not much to update on here. Still creeping up. I expect reaction at 265.