When I analyze TSLA, I always refer back to Gold. Not because they are fundamentally correlated (if they are, I do not know). But I do that because I was heavily trading gold in the past and I remember chart patterns. That pattern happened in 2nd half of 2016. The price of TSLA is very very similar to the price action that happened on Gold chart on 9th Nov 2016.
A chartist looks for repeated pattern and that is how we manage our risks. I don’t usually bring in fundamentals into my analysis because I know that fundamentals takes time to affect the economy and stock prices (usually 3-6 months).
In any case, risk-reward definitely favors the short side now.
P/S: I realised that I didn’t post any TSLA long when I should (check out my other recent posts where I called for broader markets long). Sorry, this is not my full-time job. But I am showing the last TSLA analysis which was wrong, so take my analysis with a pinch of salt.
A chartist looks for repeated pattern and that is how we manage our risks. I don’t usually bring in fundamentals into my analysis because I know that fundamentals takes time to affect the economy and stock prices (usually 3-6 months).
In any case, risk-reward definitely favors the short side now.
P/S: I realised that I didn’t post any TSLA long when I should (check out my other recent posts where I called for broader markets long). Sorry, this is not my full-time job. But I am showing the last TSLA analysis which was wrong, so take my analysis with a pinch of salt.
