TSLA - turned the corner?
TSLA had been on a wild ride down since peaking on 4th Nov 2021, with many strong bear rallies in between. It finally hit the bottom on 6th Jan this year and began a rather strong rally until early Feb where it started to churn violently for the next 2.5 months, shaking out any weak bulls.
A sustainable rally emerged again from 27 Apr and more signs have been emerging that the longer term trend have changed to bullish (short term pullbacks not withstanding):
1. a close above the 200 day moving average on 31 May and continued to propel higher for more than a week now
2. a break above a longer-term neckline in the region of 200-215 this week and
3. RSI line on it's MONTHLY chart has crossed above the 14 SMA line (signifying the likely emergence of a longer-term bullish trend).
However, TSLA has been traditionally a volatile stock, hence it is safer to wait some dips to go long. Any retracements in the near term should preferably not breach the neckline support (200 - 215), although it is not up to us to decide how far it would pull-back .
Wait to see the stock finding possible support (after a retracement) to go long (with stop loss below the most recent pivot low).
Disclaimer: Just my 2 cents and not a trade advice. I may have an opinion but I do not hope. Cut loss (sooner rather than later) and move on if wrong. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
A sustainable rally emerged again from 27 Apr and more signs have been emerging that the longer term trend have changed to bullish (short term pullbacks not withstanding):
1. a close above the 200 day moving average on 31 May and continued to propel higher for more than a week now
2. a break above a longer-term neckline in the region of 200-215 this week and
3. RSI line on it's MONTHLY chart has crossed above the 14 SMA line (signifying the likely emergence of a longer-term bullish trend).
However, TSLA has been traditionally a volatile stock, hence it is safer to wait some dips to go long. Any retracements in the near term should preferably not breach the neckline support (200 - 215), although it is not up to us to decide how far it would pull-back .
Wait to see the stock finding possible support (after a retracement) to go long (with stop loss below the most recent pivot low).
Disclaimer: Just my 2 cents and not a trade advice. I may have an opinion but I do not hope. Cut loss (sooner rather than later) and move on if wrong. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
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