Tesla Is Weaving in its Lane
Tesla has been on anything but autopilot since peaking above $1,240 in early November. The EV giant first made a lower high near $1,200, followed by a lower low under $900 yesterday
Taking a step back, the price action is starting to resemble a downward channel. This could be interesting because it could potentially turn into a bullish flag. However it will take time to know that.
In the meantime, what do we know? First is the falling trendline at the bottom of the channel. TSLA broke it yesterday but is back in its lane today.
This line is also converging with the January high around $900 that TSLA broke in late October.
Next, stochastics have dipped to their most oversold condition in over a year.
Finally, the sentiment pendulum may swing back to positive following a stream of negative headlines in the past month – especially stock sales by Elon Musk. However none of them countered the strong fundamental trends (shipments and margins) that triggered the October breakout.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
Taking a step back, the price action is starting to resemble a downward channel. This could be interesting because it could potentially turn into a bullish flag. However it will take time to know that.
In the meantime, what do we know? First is the falling trendline at the bottom of the channel. TSLA broke it yesterday but is back in its lane today.
This line is also converging with the January high around $900 that TSLA broke in late October.
Next, stochastics have dipped to their most oversold condition in over a year.
Finally, the sentiment pendulum may swing back to positive following a stream of negative headlines in the past month – especially stock sales by Elon Musk. However none of them countered the strong fundamental trends (shipments and margins) that triggered the October breakout.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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