I am seeing significant downside in TSLA. I have mentioned sub $500 price levels in my other posts, which at this point seems near by. This might come as a shock for TSLA fans, but I am starting eyeing as far as $250 and $180 price levels. This would involve 25% +/- 5% decline in overall market.
Current chart shows TSLA/JPM ratio, which printed Head and Shoulders formation. Why JPM? I wanted to analyze how weak trend in Tesla stacks up against strength in the market. In last 6 months financials sector became leading sector, and JPM is large blue chip stock within this sector.
If this H&S plays out as expected, ratio should reach 1.35 level. If JPM declines along with market and reaches $130-$140, that would imply $175-190 price target in TSLA.
I will be posting separate analysis on TSLA chart to show why $250 is another important price level.
Current chart shows TSLA/JPM ratio, which printed Head and Shoulders formation. Why JPM? I wanted to analyze how weak trend in Tesla stacks up against strength in the market. In last 6 months financials sector became leading sector, and JPM is large blue chip stock within this sector.
If this H&S plays out as expected, ratio should reach 1.35 level. If JPM declines along with market and reaches $130-$140, that would imply $175-190 price target in TSLA.
I will be posting separate analysis on TSLA chart to show why $250 is another important price level.
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