Not looking good for Tesla, possible support tho.
Haven't made a post in awhile as I got lazy.
Current situation in Tesla isn't looking too good, but my personal opinion has always been that Tesla was overpriced due to hype and diamond hand investors.
the price was bound to correct eventually, especially considering Elon musk of all people is their CEO (look what he did to Twitter).
to start off, we'll look at the daily chart for Tesla.
there was a resistence line in red that it broke out of due to bullish momentum from recovering the previous dip but failed to push higher possibly due to the impending earnings report at that time.
the price didn't hold and plunged, further price drop occurred after the earnings report.
On the weekly, you'll be able to see two bearish channels/flags I'm not exactly sure what to call them but the 2nd pattern backs up the bearish momentum.
I'm not sure how long it will last for, but the only hope is the support at arnd 180- 200$ and possible good news from the management at Tesla.
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Yr 3 Banking & Finance student w 2 yrs forex, 6 months stocks. Moo earnings hub enjoyer
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70812944 : Imo free speech in twitter is better than ever before.
RnaW : Let's get real, Tesla is actually a struggled car company. Shares oversold now waiting for price correction.
Thy GoD OP 70812944 : It is, but alot of changes other than free speech were made that aren't rlly that good. an example is paying for checkmarks lol.
70812944 Thy GoD OP : When you pay for checkmark. Doesn't it verify one's identity from payment method? It's a way to fight bots.
Thy GoD OP 70812944 : doesn't fix the issue of people buying checkmarks to impersonate or make funny meme accounts. Also defeats the legacy purpose of checkmarks which was to identify celebrities or original Twitter accounts of high ranking individuals.
not to mention it's become a subscription instead of an automated system, being forced to pay monthly to prove you're not a Bot is a bad system lol.