Tesla Stock Poised To Hit $300 A Share
$Tesla (TSLA.US)$ Yesterday, Tesla broke its winning streak and went all the way down to the low of $233 a share. Finally, a pullback. This pullback was bound to happen. It might help Tesla reach to $300 in the future. Let me explain how.
Fibonnaci
Fibonnacis are a great way to see which levels are the buy points, and which level are the sell points. The low of $233 a share which can be seen at the 38.20% level, is where MOST buying activity is happening. Today when the market opens, Tesla stock shot up from $233 a share to $248 a share.
This could be backed by the 38.20% level of the fibonnaci. I believe the stock shot up to nearly $250 a share is because there is a uptrend trend line, waiting to be retested before going up higher. The bollinger bands can be used as a reference to guage how much spaces can the stock price go.
Anyways, Back to Fibonnaci, how I play this strategy is simple. When there is a clear pullback, set the 0% level at the recent rejection wick, which is at $271 a share. then, extend it out so you can see where the -27% and -61.80% level is at.
Take Profits
Using Fibonnaci to set your NEXT Take Profits is fairly easy. Between the -61.80% and -27% level should be your next Take Profit, which is around $300-315 a share. By drawing a previous resistance of $299 a share, back in June 2023, You should expect a high selling pressure around that level, which co-relates back to how Fibonnaci is being played.
So… What now?
In my opinion, I am going to wait until Tesla price maintain its $250-$255 level before I enter another trade. This price level is very important for Tesla to reach greater heights in the future. Always remember, Pullbacks in an uptrend are healthy. A stock could never go all the way up without resting. Just like cars. Cars need to refuel its gas to reach further.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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73146505 : Finally ….some logical reasoning in this sea of madness !! Thank you
ZnWC : Thanks for sharing
Brandon Daniel 73146505 : Behind the upward logic is a combination of the company's vision and actual market trends