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Earnings this week. Have a feeling Elon will discuss the new Tesla AI chips and could set off the major rally out of the 5 year base. Took a position against my normal weakness-buyer bias because the character matched GOOGL, AMZN, and CRWV earlier in the week. If I cant get enough cushion before earnings I will exit and wait to buy back.
TSLA weekly chart for Robotics. Latest close $400.62; weekly move +14.8%.
Tesla has been basing for 5 years & a 5 year digestion can support a mind blowing new trend. The next time this makes a new high through $500 I want to be positioned well. Its major 5 year base pivot is $400. It is also the same short term level it just broke above last week. The goal for me is to build a bigger position as long as it keeps acting how it is. Ideally we see weakness near 400-410 to add, or else an inside week to add (similar to where I got long)
Above $400 keeps the 5 year base thesis intact. Candle last week indicates maybe it needs to pull back again. $400 level I'm watching on real weakness + higher low. $430 the near term level to break on strength.
6 year base. The past 2 breakout attempts have failed, but each time has made a higher low. Price is tightening up each time it attempts the breakout again. We are here again after the 3rd higher low, and trading 3 weeks tight. Below I have another close up view of the action as well as a video overview of exactly what I see here.
Getting tighter and tight coming up the right side here. Not much to do yet with my current position.
Stays on radar. Maybe last weeks a shakeout... no rush. Need it to tighten up and confirm another higher low.
The goal for TSLA is it breaks out of this 5+ year base. A sign that stocks are coming up the right side of a base is higher lows and tightening price action. TSLA has been making higher lows on this trendline, I was going to try it again on a pullback to it which it never fully came back to. It ended up moving with the SPCX IPO so tried to get involved. Its likely on profit taking next week in SPCX, TSLA pulls back again in which case I'll be watching 380 to revisit.
Its just getting tighter and tighter but honestly this will be first thing I cut probably if I buy something else.
Especially with the lack of strong AI infra setups I think even though TSLA trades terribly it deserves more attention. Every time it tries to breakout of this 5 year base it fails. But every time it fails it makes a higher low. It is getting tighter and tighter.