Tesla Is Tumbling, But Not All Is Lost (Yet)
Ahoy there, It’s Phil
While the world is going mad over Tesla dropping a few percentage points (and of course the media is lapping it up). There is still nothing to panic over, at least for the moment.
There is also an army of people who can talk about the company profile and order book profiles and projections and other such fundamental view points, I just never got around to figuring that stuff out beyond a few helpful ratios.
Tesla stock predictions
From a technical charting perspective on the weekly charts, this is still a break out candidate and this sell off which was news related is simply the pullback portion of this set up.
As with all things, it is what happens next that will determine if the panic was worth the stress.
On the chart below I’ve drawn two very basic possible scenarios that I will be looking for.
- Tesla Stock Scenario 1 – is to buy the dip after the break out. Ideally, at support
- Tesla Stock Scenario 2 – is to see price break back in to the known consolidation zone which we saw from 2014 to the turn of 2017
As things look right now there is nothing for me to worry over and for at least the moment this is looking very much like a buying opportunity while scenario 1 continues to play out.
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