Tesla: Is the next rally just starting?
In my last article, Why is TESLA going down today? , I explained the reasons why Tesla is going down, and explained my price targets, as I wrote “It could even fall below the $575” and as you can see on the chart below, I was on point.
We dipped below the blue line ($575) and saw the expected correction from $700 to $550 (Green arrow), a loss of more than 20%, but what will happen now?
First, we have to zoom out, this week, and the whole month, technology stocks are at the bottom.
For longer periods like three or six months, the whole sector already slipped behind the midfield.
This trend should continue for the time being.
The time after Corona is currently being played, tech-stocks did not suffer as much from the pandemic but are now also not benefiting as much from the reopening of the economy.
Is the next rally starting now?
In my opinion, Tesla is currently ideal for trading, at the moment nothing else is being done with the Tesla stock.
Traders and gamblers from all over the world are active here.
Therefore, the price movements are almost exclusively technically motivated.
Anyway, the bulls are back, pulling the price back near the uptrend.
A buy signal was triggered above $650 and as long as the share is trading above this level, the price is likely to continue rising towards $720 and $800.
I wish you good luck with your financial decisions and a nice weekend!
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