@jesselivenomore Would love to hear your current thoughts on TSLA price action.
I've been using Ichimoku Cloud breakout + Bollinger break combo as an entry for TSLA for awhile now. It's worked well as an indicator for TSLA over the years, and even when it fails it usually generates enough upside cushion to exit comfortably.
Had a small position going in, but really started adding at $320 which is the aforementioned combo breaker.
The last breakout, which failed, was at $335. It still got you to $390 during the funding secured mess.
The prior one to that was $302 and got you up to $370. To me this still counted as a failure as a trend breakout, but $70 upside is good trading profit even if you missed the top.
Some examples of successful trend breakouts using this - Dec 2016 @ $202.
And Jan 2014 @ $155.
In general over the years it has worked out(there has been lots of examples), with a few exceptions when it reversed after a few days.
As for thoughts, TSLA is breaking out based on these technical indicators, the monthly also just printed the biggest reversal in awhile(ever?) But lately TSLA has had a penchant for failing its breakouts, a few times due to drama outside of technical's control. Meanwhile, fundamentals have shifted at a time when disinformation is at a peak leading to irrational fear(at least before last week). Couple that with a macro pullback and you have a tremendous opportunity for investors, IMO. If it were not for those factors we would not have been trading at below 2.5 times sales(ttm) last week. Personally I am going to keep playing these breakouts, and try to limit losses or if lucky protect a gain when it fails. And the time it is successful - hold on for dear life. The upside potential for a successful breakout, considering all factors - depressed sentiment, short covering, increasing profitability, S&P inclusion - is tremendous.
One last factor in considering potential upside is - hype - Tesla owners, investors, evangelists in their echo chamber may have believed that the "iPhone moment" arrived when people lined up for reservations in 2016. They would be wrong, because those people who lined up were Tesla owners, investors, evangelists themselves. The "iPhone moment" is when it reaches those who never considered buying it, the indifferent general public that does not have a horse in the race. We have not reached that point yet, but with Tesla hitting scale just last quarter, every single Model 3 hitting the streets of family, friends and strangers brings us closer to that moment.