March was Tesla's (TSLA) worst-performing month since its IPO in June 2010, as shown on the following monthly chart. It may not be its last.
The March candle closed just above a medium-term 50% Fibonacci retracement level and below a long-term -50% Andrew's Pitchfork channel line.
We may see price decline further to the bottom of the pitchfork where it converges with the 60% Fib level at 236.00. Inasmuch as the momentum indicator has made an all-time swing low and is diverging with the overall price uptrend, it is hinting that further weakness lies ahead. Alternatively, major resistance sits at 300.00 (confluence of 20-month VWMA and 40% Fib level).
A break and hold below 236.00 would not bode well for this stock.
I think that "Ground Control" is signalling that it's time for Elon Musk to return from outer space and plant his feet convincingly on terra firma, once again, to deal with this loss of confidence by shareholders (translation: mess), which has been building for over a year. He will ignore the "gravity" of the situation to the peril of TSLA.
Is this what's in the cards for TSLA? Just a thought. Time will tell...
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Jan. 27 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. Feb. 5 @ 8:30 am ET ~ Employment Data
* Wed. Feb. 10 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Feb. 17 @ 8:30 am ET ~ Retail Sales Report & Core Retail Sales Report
* Wed. Feb. 17 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Mar. 3 @ 2:00 pm ET ~ Beige Book Report
*** Click here for link to Economic Calendars for all upcoming events