TESLA Breaking below the 1W MA50 again but NOT a BUY yet.

12 янв.

Three weeks ago we mentioned the importance of the All Time High (ATH) Lower Highs trend-line on Tesla (TSLA) and how critical it would be for the price to finally break above it for the first time in more than 2 years:

The 'Do or die moment' as we called it failed to deliver and the price got emphatically rejected on the Lower Highs for the 5th time. This rejection has brought the price below the 1W MA50 (blue trend-line) yet again on pre-market. The natural zone of Support now is the January 06 2023 Higher Lows trend-line (Cycle bottom) and the April 27 2023 Higher Lows (dashed) trend-line. As long as it holds, we expect a short-term bounce and another test of the ATH Lower Highs trend-line.

If the stock breaks above the ATH Lower Highs, we will buy for a long-term rally and target 345.00. If the price breaks below the (dashed) April 27 2023 Higher Lows, we can expect a bottom as low as even 180.00, which is the Lower Lows (bottom) trend-line) of the Channel Down that started on the July 19 2023 High. If the 1D RSI though breaks first the 30.00 oversold barrier, we will take the profit on shorts and turn into a long-term buy (Target at $345.00 again) as every time the RSI turned oversold at 30.00, since December 2022, it was the most efficient buy opportunity we could get.

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