Yep... I think the play has been played out... we got awful close to $1897, the 261% retracement of the precovid price to march lows... and now looking for a retracement down to $1300 level
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TSLA Technical Analysis
- Thread starter Robert.Boston
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- elon is an ass TSLA
Artful Dodger
"Neko no me"
Nailed it.
Cheers!
I find flags to be one of the more reliable TA patterns. And to answer the question of @vwman111, in my experience the time frame of the movement after the flag usually last as long (or even less long) as the move up to the flag. Which was the case this time.
Now if I had just traded more on my 'wisdom'... Thought about buying calls, but found them to be too expensive. And I don't like buying stuff, I'd rather sell. So I sold puts along the way, which did well (except for the ones at the top, but I'm still positive about those too).
Cross-posting from Paydirt's Options guide thread.
$1300 would be an excellent spot to add running into earnings.... Keep an eye out for that to act as support for the rest of the week... 161.8% retracement, 13/21-day EMAs and a decent amount of volume traded hands in that area last week... If we breach $1300 on the downside, I don't see a lot of support till $1k which would be a retracement and back-test of previous ATHs. I don't think this comes into play pre-earnings unless the macro env. absolutely pukes $SPY <$307, and $QQQ <$248 on close.
Keeping an eye here to add, with tight stops in place in case macro env changes direction.
$1300 would be an excellent spot to add running into earnings.... Keep an eye out for that to act as support for the rest of the week... 161.8% retracement, 13/21-day EMAs and a decent amount of volume traded hands in that area last week... If we breach $1300 on the downside, I don't see a lot of support till $1k which would be a retracement and back-test of previous ATHs. I don't think this comes into play pre-earnings unless the macro env. absolutely pukes $SPY <$307, and $QQQ <$248 on close.
Keeping an eye here to add, with tight stops in place in case macro env changes direction.
EV Promoter
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Can i ask you if you see any support around @ $1400, for the days till the earnings?
In case of negative earnings: macros apart, and taking in consideration the lack of support btw 1300 and 1000, do you see the effect of a negative Q2 (for sure, of a small qty) bringing a landslide such -$300, delays on SP500 taken in consideration?
For the past few days it looks like $1450-$1500 has been serious support that's not being breached... We may never get down to $1400, let alone $1300...
If there's a negative Q2, I do believe we could see $1k again... Pushing below $1k and staying that low may prove to be difficult but it's hard to say. My personal valuation of $TSLA puts it's ideal valuation price around $700-$750, but given that we've printed infinite money, and there are no alternate yields everyone is willing to pay for 10 years of earnings now so...
Technical analyst Tim Ord was a regular guest of mine on my old TV show. Below is what he wrote shortly after the close today regarding his latest opinion change for the S&P 500 (SPX).
For monitoring purposes: Long SPX on 7/17/20 at 3224.73.
Trin close 1.70; Tick close -252 which is a bullish combination.
All the Best,
Tim Ord
Ord Oracle - Home
For monitoring purposes: Long SPX on 7/17/20 at 3224.73.
Trin close 1.70; Tick close -252 which is a bullish combination.
All the Best,
Tim Ord
Ord Oracle - Home
I'm sorry I don't follow. Are you saying TSLA is in a stock price breakdown? Ran too far too fast and even with Q2 profit, the stock is likely to reverse to sub $1000 by October 1st?
You had good reads of stock movement in the past so I'd value your current thoughts.
Thanks.
Craig Johnson is a managing director and technical strategist at Piper Sandler (formerly Piper Jaffray). He was a regular guest of mine on my old TV show, and still sends me his newsletters. In early 2003 he recommended TSLA, which led to my first purchase at $38.
This morning Craig’s colleague Alexander Potter reiterated his BUY rating on TSLA and raised his price target from $2322 to $2400.
Below is what Craig wrote this morning:
Tesla Inc (TSLA - $1592.33); Indicated higher this AM; shares are ST consolidating near record-highs; well-extended above the 10-/30-week WMAs; RS has climbed to multi-year highs and notable TechniGrade ranking; use pullbacks as buying opportunities.
This morning Craig’s colleague Alexander Potter reiterated his BUY rating on TSLA and raised his price target from $2322 to $2400.
Below is what Craig wrote this morning:
Tesla Inc (TSLA - $1592.33); Indicated higher this AM; shares are ST consolidating near record-highs; well-extended above the 10-/30-week WMAs; RS has climbed to multi-year highs and notable TechniGrade ranking; use pullbacks as buying opportunities.
I just discovered that Craig was on CNBC this morning, shortly before I received his newsletter by email. He doesn't discuss Tesla in the video, but it gives you a good idea of how he is thinking.
Craig Johnson is a managing director and technical strategist at Piper Sandler (formerly Piper Jaffray). He was a regular guest of mine on my old TV show, and still sends me his newsletters.
Below is what Craig wrote this morning regarding the macro-market:
In summary, the reality of a potential bumpy road to recovery caught up with equity market momentum last week. Uncertainty over the path of the COVID-19 outbreak, a looming fiscal cliff, and rising geopolitical risk with China prompted some of the recent profit taking pressure. However, we do not expect momentum to meaningfully stall based on a backdrop of unprecedented global stimulus and continued progress toward a virus vaccine. The technical setup for the broader market remains constructive and currently indicates near-term weakness should be bought. We reiterate our year-end price objective on the SPX of 3,600.
Below is what Craig wrote this morning regarding the macro-market:
In summary, the reality of a potential bumpy road to recovery caught up with equity market momentum last week. Uncertainty over the path of the COVID-19 outbreak, a looming fiscal cliff, and rising geopolitical risk with China prompted some of the recent profit taking pressure. However, we do not expect momentum to meaningfully stall based on a backdrop of unprecedented global stimulus and continued progress toward a virus vaccine. The technical setup for the broader market remains constructive and currently indicates near-term weakness should be bought. We reiterate our year-end price objective on the SPX of 3,600.
Technical analyst Tim Ord was a regular guest of mine on my old TV show. Below is what he wrote shortly after the close today regarding his latest opinion change for the S&P 500 (SPX).
For monitoring purposes: Long SPX on 7/30/20 at 3246.22.
Tick and trin reached extremes.
All the Best,
Tim Ord
Ord Oracle - Home
For monitoring purposes: Long SPX on 7/30/20 at 3246.22.
Tick and trin reached extremes.
All the Best,
Tim Ord
Ord Oracle - Home
Craig Johnson is a managing director and technical strategist at Piper Sandler (formerly Piper Jaffray). He was a regular guest of mine on my old TV show, and still sends me his newsletters. In early 2003 he recommended TSLA, which led to my first purchase at $38.
Craig’s colleague Alexander Potter has a BUY rating on TSLA with a price target of $2400.
Below is what Craig wrote this morning:
Tesla Inc (TSLA - $1487.49); Shares are consolidating within a bullish flag formation; extended above the 10-/30-week WMAs; RS has climbed to multi-year highs and notable TechniGrade ranking; a close above $1,645 should open the door to a new leg higher; add to positions on a topside breakout.
Craig’s colleague Alexander Potter has a BUY rating on TSLA with a price target of $2400.
Below is what Craig wrote this morning:
Tesla Inc (TSLA - $1487.49); Shares are consolidating within a bullish flag formation; extended above the 10-/30-week WMAs; RS has climbed to multi-year highs and notable TechniGrade ranking; a close above $1,645 should open the door to a new leg higher; add to positions on a topside breakout.
In Craig's monthly research pamphlet this morning, TSLA appeared in listing just as it did when I was inspired to buy in early 2013. The + means technically positive.
↑ Automobile Manuf., Major TSLA (+)
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Looks like TSLA has been forming a flag again over the last few weeks. This pattern usually takes shape half way through a rally (or drop). The first leg (which also contained a flag half way) brought us from 948 to 1796, a rise of about 850 points. If we break the flag pattern to the upside (I’m not sure if we already did or whether the pattern still has to be completed) the price target becomes (1366 + 850 =) about 2200. Errr, I mean 440.
Compared to other stocks TSLA looks analogous to webs made by spiders on caffeine.
When you say you see a flag or other pattern it would be helpful if you would also specify the timeframe and interval.
Scientists Gave Spiders LSD and Other Drugs and Here Is What Happened - Learning Mind
When you say you see a flag or other pattern it would be helpful if you would also specify the timeframe and interval.
Scientists Gave Spiders LSD and Other Drugs and Here Is What Happened - Learning Mind
The first leg took about 3 weeks to form and the flag about 4 weeks. So that would suggest a timeframe of a few weeks to reach the top. But I’m not a technical analyst, just an amateur looking at a graph.
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