TSLA Analysis, Double Top !!Hello everyone, as we all know the market action discounts everything :)
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TSLA is currently trading in the upper part of its 52-week range. The S&P500 Index is also trading in the upper part of its 52-week range, so TSLA is performing more or less in line with the market.
The long-term trend is positive and the short-term trend is neutral. The long-term trend may just continue or reversal may be around the corner!
A double top pattern has been spotted on the daily chart which could lead the TSLA stock back to the $850 levels.
Possible Scenario for the market :
The market is trading at $1014.97 and it's nearing the neckline of the double top pattern located at the $1001 range, if a breakout happens of that line we could be seeing the TSLA stock drop to the $850 level. and a lot of the indicators are showing Bearish signs that would support the double top pattern.
In case the support line held strong then we could be seeing a Bullish movement that will lead the TSLA stock price back to the resistance level located at $1112.85
Technical indicators show :
1) The market is below the 5 10 20 MA and EMA indicating a Bearish short-term trend, But still above the 50 100 and 200 MA and EMA (Bullish long-term trend)
2) The RSI is at 44.20 showing some weakness in the market.
3) The MACD is below the 0 line indicating a bearish state in the market with a negative crossover between the Signal line and the MACD line.
Support & Resistance points :
support Resistance
1) 1029.10 1) 1168.14
2) 976.28 2) 1254.36
3) 890.06 3) 1307.18
Fundamental point of view :
Tesla Inc has asked a U.S. court to affirm an arbitrator's recent decision dismissing a former engineer's claims that the automaker fired and defamed her for raising concerns about defective floormats and contracting practices.
TSLA has a Return On Assets of 6.00%. This is better than the industry average of -1.33% and The Earnings Per Share has grown by an impressive 174.51% over the past year.
Looking at the last year, TSLA shows a very strong growth in Revenue. The Revenue has grown by 66.27% and based on estimates for the next 5 years, TSLA will show a very strong growth in Revenue. The Revenue will grow by 35.52% on average per year.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
