As promised, an updated chart. I wanted to wait till the end of the week to post an update but I'm impatient.
I readjusted my lines and I'm pretty confident in the ascending triangle formation. I drew a green triangle zone which represents a critical point that will help gauge the next few months.
Bullish:
Tesla breaks through the green triangle, gap up, runs to 500 in no time
Bearish:
Tesla drops below the orange support line and enters a trading range or Tesla breaks through the green triangle only to fall back to the purple support line. These scenarios could see prices continue to bounce between $350 and $450. Although this is a bearish take I can't see Tesla dropping to to $150-$250 like many analysts predict.
Notes and personal opinion:
Volume is slowing down, many investors are eyeing the election & covid, waiting for institutions to begin buying. Once this starts I believe retail and smart money will join the party and fuel a volume driven bull market for the next few months. This is a bullish prediction and I would not act on it yet
I readjusted my lines and I'm pretty confident in the ascending triangle formation. I drew a green triangle zone which represents a critical point that will help gauge the next few months.
Bullish:
Tesla breaks through the green triangle, gap up, runs to 500 in no time
Bearish:
Tesla drops below the orange support line and enters a trading range or Tesla breaks through the green triangle only to fall back to the purple support line. These scenarios could see prices continue to bounce between $350 and $450. Although this is a bearish take I can't see Tesla dropping to to $150-$250 like many analysts predict.
Notes and personal opinion:
Volume is slowing down, many investors are eyeing the election & covid, waiting for institutions to begin buying. Once this starts I believe retail and smart money will join the party and fuel a volume driven bull market for the next few months. This is a bullish prediction and I would not act on it yet