$TSLA TOP 20
Added 2023-04-09 20:24:04 +0000 UTCNobody was watching for the breakdown of the bear channel online and on social media but we were watching it closely, and once it broke down, it fell sharply, going all the way from $207 down to $179.
Big announcements dropped over the weekend that $TSLA had cut their prices for the 5th time this year on their models in the US, which casued considerable backlash, Musk and Woods came out on the defence of this move....but the concern will of course be a price war and diminishing margins.
Another announcement was that Musks brother revealed he had sold a considerable chunk last week, which he has made a habit of selling right at the local tops over the last few months.
It will be interesting to see how this opens in the PM, RSI and MACD are bearish trending and the set up is not in an area where I would recommend buying, this would need to come down to the second Wave 2 in green and hold to be considered a good set up.
So What Now?
This is likely to come down for Wave 2 now and needs to hold....unless the market really likes the price cut at the opening tomorrow. A price cut is not bullish to me.
