TSLA is the hottest performing stock of the year and that's great but there's a few things to keep in mind short-term.
On the Weekly time frame the stock is nearly parabolic. A combination of that along with the RSI starting to show bearish divergence has me seeing it pulling back sometime in the next 3 months (Nov/Dec).
On the lower time-frames you'll also see bear volume increasing. I think we'll top off around $550 but historically speaking we've had dumps around election time. Smart money would wait until November/December when the Daily and Weekly RSI hover back down to the 40 range.
Additionally, you have fresh meat entering the market via Robinhood etc who aren't familiar with the stock market or technicals. Any sell-off will be exacerbated by them panic selling.
Target for a rebuy is $275-$280.
On the Weekly time frame the stock is nearly parabolic. A combination of that along with the RSI starting to show bearish divergence has me seeing it pulling back sometime in the next 3 months (Nov/Dec).
On the lower time-frames you'll also see bear volume increasing. I think we'll top off around $550 but historically speaking we've had dumps around election time. Smart money would wait until November/December when the Daily and Weekly RSI hover back down to the 40 range.
Additionally, you have fresh meat entering the market via Robinhood etc who aren't familiar with the stock market or technicals. Any sell-off will be exacerbated by them panic selling.
Target for a rebuy is $275-$280.