Tesla's earnings release and the news of the price drop in china seemed to get a negative reaction in the market. Currently Tesla's price action is consolidating near a long term fibonacci level. These levels are used as strong support/resistance levels by many investors. You can see the fibonacci level highlighted in red in the chart below in red. It is near the 212 price point.
solo invest : Good video. I hope we get an earnings rally that will lead into a Santa clause rally and into next year
Win more Lost less : Not until EM finished his fund raising for Twitter
SpyderCall OP Win more Lost less : You are probably right
SweetRide : true rally
minions365 : Rally first then down
Ben 23 : Whether it rallies or not will depend on market movements, more downside rather than upside in the future as most will be entering Tesla for a short term trade. That's what I see for the time being.
minions365 : Ic. Yeah i lost alot with my puts option now.
Hope it dropped back down after realisation we are still in recession and the fed is going to raise hike still to fight the inflation problem
SpyderCall OP Ben 23 : Good call! That's what i foresee as well if earnings go well after hours today. Once all of the short-term long positions open up then the price will rise. it will possibly squeeze out a few short positions adding to the bullishness. Then when the selling starts most of the long positions will exit simultaneously which will quicky squeeze out the remaining long positions that are intended for short term holds. Most likely investors will load up on shorts at that point as well. this will make the spike down in price much stronger then the spike up. After all we are in a bear market.
SpyderCall OP Ben 23 : but the market does whatever it wants sometimes so we will have to wait and see
SpyderCall OP minions365 : that is correct. but a little over a week ago some of the FED officials were talking about a smaller interest rate hike or even slowing down interest rate hikes soon. we will find out on the next Federal Reserve meeting where they decide on the interest rate hike. that'll be in November.
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