TeslaShort
Why Tesla might have further to fall
Using the Long term dynamic zone and the short term dynamic zone, we can see how well the prices were held up during the bull run in 2021.
It looked vulnerable when it dropped below both the long term and short term dynamic trend zones in May 2022. A failed rally which started around Aug 2022 eventually failed again by Oct 2022. Ever since, it has been on a big down trend.
We can see earlier this year it tried to rally again in Feb and Mar 2023 but was unable to break through the long term trend zone which is acting as a dynamic resistance.
If it fails the most recent low around 153, it could potentially drop quickly to around the low put in on Jan 2023. Until the short term dynamic trend can cross above the long term dynamic zone, I remain bearish on the Tesla stock.
It looked vulnerable when it dropped below both the long term and short term dynamic trend zones in May 2022. A failed rally which started around Aug 2022 eventually failed again by Oct 2022. Ever since, it has been on a big down trend.
We can see earlier this year it tried to rally again in Feb and Mar 2023 but was unable to break through the long term trend zone which is acting as a dynamic resistance.
If it fails the most recent low around 153, it could potentially drop quickly to around the low put in on Jan 2023. Until the short term dynamic trend can cross above the long term dynamic zone, I remain bearish on the Tesla stock.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.