Cross posted into TSLA investment thread.
We just got into oversold territory on hourly last Friday.
We might remain oversold for a week or 2 until the SP drop more and gets us in oversold on daily, maybe even weekly (I have 180 ish in mind to do so, but that is just over my head).
Last time we went into oversold on daily was Feb 2016.
We never got into oversold on weekly.... (bellow 20 RSI)
So this might look technical but overbought/oversold is more fundamental to me than technical because that is the essence of the market : share price reflect demand and offer...
Q2 forecast form TSLA management is not shinny, and other companies are shooting for all time high (or really close). So it is just rational movement that big pockets don't buy TSLA... yet.
We need update at annual shareholder assembly that would provide some light at the end of the tunnel and/or good number for Q2 to reverse at this point. Other than that, your guess are as good as mine, often I tried to rationale TSLA share price movement and got surprised by announcement that I would have never thought of.
I kept some dry powder since we broke 240 ish just in case we were to get to 180. Honestly I thought I was stupid to so.