I am not a fan of TSLA, I (have always :)) considered it extremely overvalued, and it still may be the case.
However it looks like a buying opportunity.
First, 500 was a resistance.
Then second time resistance, and turned into support.
Will it stand this level this time?
RSI is 26.8, and it was lower only during the first covid drop last year.
It was lower actually in 2019 as well, but back then TSLA was 20 times cheaper, and I do not think it may happen again.
So I am a buyer at 510, which is also where 0.786 fib retracement is.
However it looks like a buying opportunity.
First, 500 was a resistance.
Then second time resistance, and turned into support.
Will it stand this level this time?
RSI is 26.8, and it was lower only during the first covid drop last year.
It was lower actually in 2019 as well, but back then TSLA was 20 times cheaper, and I do not think it may happen again.
So I am a buyer at 510, which is also where 0.786 fib retracement is.
Current levels do not seem safe to me.
If it returns to 500, I may take some, depending on the market conditions. If not, I will not take this ride.