TSLA double bottom or new low will be reality for 2023
TSLA had a nice oversold bounce as I predicted in the first analysis. However, TSLA surprised me as my target was 150-160, but the FOMO and HYPE around TSLA are obvious, similar to that around crypto. There is mania with no specific reason in both buying or selling activity. The bounce went to the 0.5 FIB retracement, which is usually the place for bounces to go. It also bounced to a strong resistance level, which was an area of support and resistance from early 2021.
Volume is strong and helped in the bouncing, which is bullish.
The price is above the 200-week MA, which is bullish but still below the 50-week MA, which is bearish. Overall, it is more bullish than bearish.
The RSI is neutral, and the MACD is moving up and is more bullish than bearish.
Overall: TSLA did bounce over 100% from its low, which is fantastic and unbelievable for a stock with such a big market cap. In the end, this is not an altcoin but a mega-company. It has now reached a very strong resistance, and the price needs to cool down as nothing goes straight up or down. A correction to the big red would be healthy and is almost certainly for the 160 area. However, the question is whether a panic will be triggered at that moment, causing the price to move below Bigred. In the mid-term, it is likely that TSLA will retest its lows or even break them, where it could make positive divergences and could be a sign of a new bull market. In any case, a bear market never finishes with this kind of move, and testing of lows will be inevitable in the near future.
From a bullish stand view most bullish move that could be for now is testing 50 weeks MA and falling trend line but the possibility for that is less than 20%
Volume is strong and helped in the bouncing, which is bullish.
The price is above the 200-week MA, which is bullish but still below the 50-week MA, which is bearish. Overall, it is more bullish than bearish.
The RSI is neutral, and the MACD is moving up and is more bullish than bearish.
Overall: TSLA did bounce over 100% from its low, which is fantastic and unbelievable for a stock with such a big market cap. In the end, this is not an altcoin but a mega-company. It has now reached a very strong resistance, and the price needs to cool down as nothing goes straight up or down. A correction to the big red would be healthy and is almost certainly for the 160 area. However, the question is whether a panic will be triggered at that moment, causing the price to move below Bigred. In the mid-term, it is likely that TSLA will retest its lows or even break them, where it could make positive divergences and could be a sign of a new bull market. In any case, a bear market never finishes with this kind of move, and testing of lows will be inevitable in the near future.
From a bullish stand view most bullish move that could be for now is testing 50 weeks MA and falling trend line but the possibility for that is less than 20%
Consistency is the key of success....
