Tesla's been riding one of the most powerful short squeezes in recent history, more than doubling in short order.
Its last earnings report in October was the spark because the electric-car maker finally overcame big manufacturing problems. While its popular vehicles were never an issue, logistics and manufacturing were an Achilles heel. Now that they're fixed, bears have been running for cover.
But how high can it fly? Some Fibonacci extension lines indicate
TSLA might tap the brakes soon.
Let's use the latest daily bull flag December 27-31, with a Trend-Based Fib Extension. Going from the bottom to the top of the flag, it projects a target level around $489 based on the 261.8 percent extension.
TSLA also began the New Year with small gaps on January 2 and 3. Those might look like exhaustion gaps for some technicians.
Finally, the stock is approaching the big round number of $500 which could potentially become psychological resistance.
While there is no telling what happens next with a short squeeze like this, traders looking to buy new shares should know about these levels.
Its last earnings report in October was the spark because the electric-car maker finally overcame big manufacturing problems. While its popular vehicles were never an issue, logistics and manufacturing were an Achilles heel. Now that they're fixed, bears have been running for cover.
But how high can it fly? Some Fibonacci extension lines indicate
TSLA might tap the brakes soon.Let's use the latest daily bull flag December 27-31, with a Trend-Based Fib Extension. Going from the bottom to the top of the flag, it projects a target level around $489 based on the 261.8 percent extension.
TSLA also began the New Year with small gaps on January 2 and 3. Those might look like exhaustion gaps for some technicians.
Finally, the stock is approaching the big round number of $500 which could potentially become psychological resistance.
While there is no telling what happens next with a short squeeze like this, traders looking to buy new shares should know about these levels.
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