I wanted to share my drawings for TSLA. This is especially helpful to new traders to understand how drawings are formed. Anway we already have had a major pullback that was intensified by a lackluster earnings report. We are approaching a strong support level between $170-178 where we should see a larger bounce before most likely heading lower. Interest rates are probably not going to be cut until the 3rd or 4th quarter with maybe 3 cuts I think. That does not bode well for Tesla or companies that rely on lower interest rates for there margin growth.
If we drop below $170 then lower levels of support are in play. $150 would be the most the likely scenario. The Market is on the verge of collapse with only the Tech sector keeping the markets a float. Powell speaks Jan 31st which could completely rock the market in a bad way. The March cuts are not in play anymore and the Fed has hinted on cuts, but not until the 3rd and 4th quarters if we survive that long and don't go into an all out recession.
If we drop below $170 then lower levels of support are in play. $150 would be the most the likely scenario. The Market is on the verge of collapse with only the Tech sector keeping the markets a float. Powell speaks Jan 31st which could completely rock the market in a bad way. The March cuts are not in play anymore and the Fed has hinted on cuts, but not until the 3rd and 4th quarters if we survive that long and don't go into an all out recession.