Here’s my short take on Tesla ($TSLA) – November 9, 2022TSLA
As I look at Tesla ( NASDAQ: TSLA ) here, I think that this break of 200.00 is kind of a big deal. This is on a weekly chart of course, but it is at levels that we really haven’t seen, other than for a cup of coffee here, since 2020.
I look at this as a complete reversal. I can draw head and shoulders in 98 different ways. You’ve got the left shoulder, you’ve got the head here or here or here, whatever it is. And then the right shoulder. And then finally we’re getting a breakdown here, and then at some point, I don’t have a lot of hopes for this, but at some point, we are going to get some kind of a throwback, some kind of a rally to come back up and test 200.00.
Now, this may not get all the way to 200.00, it may not even get to 180.00. But at some point, you are going to get some kind of a pause in the downtrend. Don’t get sucked in by that because this is a heavy, heavy stock for a lot of different reasons. The bottom line is that this is not a company that Musk is fully engaged in right now. There are a lot of other things going on, but this is not a stock that you want to be buying, so don’t buy this on the dip.
I am looking for $100.00 here, and that’s not even a bold call. I am looking for, literally, $100.00 on this stock. And you “Teslonians” can listen to me and go, No way, it can’t happen, you just hate Musk. Actually, I don’t, I love Musk, I think the guy is funny. So yes, this can go to $100.00. Do you want a good short? Short into this on any kind of rally and then have the staying power. Start with a small position, certainly, because at any time this thing could rip up to 600.00 just because you’re short, it’s a very, very difficult stock to short.
All I am saying is if you are selling the stock at 177.00, at some point in the future, sometime not in the near future, but sometime over the next 260, 90, or 120 days, you will be able to buy it back at $100.00.