In this analysis, I will provide a detailed technical analysis of the Tesla share price forecast, accompanied by a trading idea that uses a unique Fibonacci entry method. I discuss recent price movements, identify potential patterns, and suggest a trading strategy for traders considering a long position with TSLA stock. Please note that trading involves risks and it is important to conduct thorough research and analysis before making any investment decisions.
Tesla stock analysis on the daily timeframe Since late 2020, Tesla stock has been showing indications of a head and shoulders pattern on the daily timeframe. The pattern consists of a left shoulder, a header, and a right shoulder. After the failed attempt to form the right shoulder and the subsequent breakout of the neckline, the stock experienced a significant decline, eventually reaching the measured move level. The measured move is determined by measuring the distance from the top of the pattern to the neckline break and projecting it down. In this case, Tesla’s share price fell from the high to the measured move level.
The above video provides further analysis of recent price action, and creates a trading plan for gradual buys, step by step, “scaling into” buys at increasingly lower prices. If the share price is reached, previously executed buy orders will be executed.
Other points covered in the video above:
- Tesla Stock Price Prediction 2023: Analysis and Fibonacci Trading Idea
- Tesla Stock Analysis: Technical Analysis and Head and Shoulders Pattern
- Understanding a bull flag pattern: bullish potential for Tesla stock
- Fibonacci Entry Method: Optimizing Tesla’s Trade Entry Points
- Risk Management and Profit Target: Stop Loss and Profit Targets
The idea of trading Tesla stocks using the Fibonacci entry method (see video)
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