TSLA at Support! Will it Bounce?
Shares in electric vehicle maker Tesla sank to a new 52-week low on Tuesday, closing around $138 per share, or 8% lower for the day in an otherwise mixed day for stocks.
-As Tesla shares sank 8% on Tuesday, reaching a new 52-week low, CEO Elon Musk tried to blame macroeconomic factors.
-Musk replied, in a tweet, “As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are not guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop.”
-Critics point to his acquisition of Twitter as a distraction, and Tesla stock has underperformed versus other automakers and the S&P 500 since he announced the deal in April.
-Musk replied, in a tweet, “As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are not guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop.”
-Critics point to his acquisition of Twitter as a distraction, and Tesla stock has underperformed versus other automakers and the S&P 500 since he announced the deal in April.
Call me crazy... Tesla is ready to pop!!! for NASDAQ:TSLA by sethsalazar70
1. It's at the bottom of the channel which it's been in since Oct 2021
2. It's also at horizontal support of $150 that was a key level back in Sep/Oct 2021
3. The weekly RSI is almost oversold and hasn't been this low since June 2020
All of the above signs show a good R/R level for buying or at least starting to DCA here. If TSLA bounces here, I'm looking at taking profit at the $190 level. If it continues to fall, I'm looking to DCA more at the $129 level (next area of major support), followed by $111, $92, $62, and $24 respectively.
1. It's at the bottom of the channel which it's been in since Oct 2021
2. It's also at horizontal support of $150 that was a key level back in Sep/Oct 2021
3. The weekly RSI is almost oversold and hasn't been this low since June 2020
All of the above signs show a good R/R level for buying or at least starting to DCA here. If TSLA bounces here, I'm looking at taking profit at the $190 level. If it continues to fall, I'm looking to DCA more at the $129 level (next area of major support), followed by $111, $92, $62, and $24 respectively.
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Day Trader 881 : Nice. My drawing is minor wave5 completing. Same as urs… coming out of a bigger C