We wrote about Tesla (TSLA) on February 16, pointing out that "Wall Street analysts have been leapfrogging each other as they raise their price targets for TSLA. Piper Sandler analyst Potter recently took his price target to a new Wall Street high of $1,200. Despite all seemingly bullish news, the stock has stalled and is looking like it can correct lower. Just as TSLA's strength lifted the S&P 500, its weakness can cut in the other direction."
Prices have reached and passed our Point and Figure target of $670, so let's check out two updated charts.
In this weekly Japanese candlestick chart of TSLA, we can see further erosion in the indicators. The red (bearish) candle bars stand out now. The rising 40-week moving average line is approaching fast.
The On-Balance-Volume (OBV) line shows weakness from the beginning of January and the Moving Average Convergence Divergence (MACD) oscillator has crossed to the downside for a take profit sell signal.
In this weekly Point and Figure chart of TSLA, below, we can see a longer-term price target in the $241 area. Pretty dramatic price objective. TSLA may find plenty of buying support before that area but the direction is obviously down.
Bottom line strategy: Avoid the long side of TSLA as traders leave the scene.
"condition" - Google News
March 06, 2021
https://ift.tt/3c99Kmu
Updating Tesla's Weakening Technical Condition - RealMoney - RealMoney
"condition" - Google News
https://ift.tt/2W6ON50
https://ift.tt/2L1ho5r
Bagikan Berita Ini
0 Response to "Updating Tesla's Weakening Technical Condition - RealMoney - RealMoney"
Post a Comment