Tesla: that was close
The Tesla Chart has been nail-biting.
It has come down to the last major support line around 175 and last major uptrend around the same level. There are two more weak support levels at 115 and 141ish, but I believe that if the 180 Level does not hold the stock is in big trouble technically.
That said, I am a big Tesla bull: I think their strategy makes sense, their product is superior and the way they innovate and integrate their supply chain and production trumps any auto maker.
As a result I have used this technical correction and the support to load up hard on Tesl at 180.
Tesla had never been this overbought when the stock hit 175 Last week.
So this too me is a good spot to make a long term bet.
For Tesla to work out will take a few years. The car market is slow. It took Apple about a decade to transform what a phone is. It may take Tesla longer. But there may also be much more value and description in the transportation market.
As such I like my chances at this point: great fundamental potential combined with technical chart opportunity.
This was a 50% correction because of wave 2. I think it is a good bet.
Good read on indicators. I agree with your technical assessment. Tesla is a good long term investment.
I like Tesla, but have concerns about car stocks as companies across the board have seen slowing. Does that come into play for you?
TA is solid but the reality is that fundamentals still have it overvalued and priced more like a tech company than a manufacturing with high capital costs. The capital raise will hurt them if demand slows with an economic slowdown. If not, they could be off to the races again.
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It´s a great time to have a short term position for Tesla...
Im actually thinking log term here.
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