Tesla Stock: Bulls Are Ready To Pull The Trigger (Technical Analysis)

Seeking Alpha2023-03-02

SummaryTesla stock has seen significant buying from its $101 low in early January.Needing a pause to create a rejection in order for the stock to continue higher, it is possible that any announcement ...

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Comments

mushroomy
2023-03-02
mushroomy
Great ariticle, would you like to share it?
Longshot
2023-03-02
Longshot
Like
Yappy
2023-03-02
Yappy
Ok
Humama888
2023-03-02
Humama888
I believe this is a flourishing business and being the No1 EV in the market will give Tesla the advantage to do well.
Trident777
2023-03-02
Trident777
Triggered with near minus 6% at AM?? 😂
来人
2023-03-02
来人
Ok

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The main issue appears to lie with the battery technology that is crucial to the cheaper model and it isunclear whether Elon Musk will be making an announcement this week on whether the plan is going ahead.Initially he expected 2025 for roll out with this new model and investors will be keen to hear any further cemented news pushing this plan into production while also looking to gauge an accurate reading of any timelines put forward with some past deadlines missed following previous product announcements.So how did Tesla stock arrive near the $100 price region and is it showing signs of turning around?Technically, Tesla initially broke into a macro bearish third wave in May of 2022 where I initiated a target of $176 for the completion of the third wave with this equity so far bottoming at a low of $101.The EV giant underwent a stock split in August of last year coupled with two months of additional heavy selling in October and November has now seem a bounce from the $101 price region.Below we can see the initial monthly chart with three wave pattern from May of 2022 with the break below$708 showing a target of $176.Tesla monthly former bearish wave pattern from May 2022 (C Trader )Moving to the current technical set up when looking to identify a three wave pattern from a potential low, the big question is what timeframe do you look to for increased probability that an equity is turning around in the opposite direction. In reality, the weekly timeframe is the minimum one could look to while awaiting a three wave pattern on the monthly and in this case Tesla has created a potential bullish wave one two with a low of $101 and high of $217 between the two waves.Now we can move to the weekly chart and examine the pattern in more detail before looking at the target area should Tesla break out higher.Tesla current weekly chart (C Trader )The wave one move is nearly $120 in its entirety but we can notice the rejection bearish candle below $217 that is very minute compared to the bullish buying that has been taking place of late.Obviously $217 has not been broken above yet but a large wave one buying with a subsequent miniscule selling in a wave two can signal high demand for an equity.Tesla has seen such high demand lately that technically it needed to pause somewhere in order to create this potential wave two rejection that paves the way for the third wave higher.Perhaps this week there could be an announcement at investor day that is the catalyst to drive demand above $217 where should that materialize, then $334 will be a direct target for this equity. This is the first potentially bullish wave pattern that has formed since the August 2022 stock split and a break above resistance will confirm the third wave.So where does this leave the monthly chart and when will a future price reading be available on the macro timeframe?As we speak the weekly buying action has obviously transferred to large bullish buying on the monthly chart, the issue is that the buying action will need to continue and the monthly timeframe will then need to take a pause in order for it to create its wave two rejection in the coming months should this be the case.For the moment, there is a technical future price reading potentially created and resistance must be broken above first. I am issuing a hold until $217 is broken above where I will be issuing an updated article with Seeking Alpha with a buy signal if price gets driven above $217 where I will be looking at a direct target of $334 in the next 60-120 days if resistance is broken above.About the Three Wave TheoryThe three wave theory was designed to be able to identify exact probable price action of a financial instrument. A financial market cannot navigate it's way significantly higher or lower without making waves. Waves are essentially a mismatch between buyers and sellers and print a picture of a probable direction and target for a financial instrument. When waves one and two have been formed, it is the point of higher high/lower low that gives the technical indication of the future direction. A wave one will continue from a low to a high point before it finds significant enough rejection to then form the wave two. When a third wave breaks into a higher high/lower low the only probable numerical target bearing available on a financial chart is the equivalent of the wave one low to high point. It is highly probable that the wave three will look to numerically replicate wave one before it makes its future directional decision. It may continue past its third wave target but it is only the wave one evidence that a price was able to continue before rejection that is available to look to as a probable target for a third wave. The link to the Ward Three Wave Theory can be found in my bio.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9940113146,"gmtCreate":1677746195785,"gmtModify":1677747201975,"author":{"id":"3581210411240745","authorId":"3581210411240745","name":"mushroomy","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3581210411240745","authorIdStr":"3581210411240745"},"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940113146","repostId":1191132317,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940130635,"gmtCreate":1677740119427,"gmtModify":1677740123175,"author":{"id":"3570092809336734","authorId":"3570092809336734","name":"Longshot","avatar":"https://static.tigerbbs.com/7cad4ddeab0622dd29ed1d7c76c750b8","vip":1,"hat":"https://static.tigerbbs.com/306aa047bc14b6942cda1aed925cf8c3","crmLevel":7,"crmLevelSwitch":0,"idStr":"3570092809336734","authorIdStr":"3570092809336734"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940130635","repostId":1191132317,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940195875,"gmtCreate":1677738085098,"gmtModify":1677738088480,"author":{"id":"3572077804076143","authorId":"3572077804076143","name":"Yappy","avatar":"https://static.tigerbbs.com/ab4d89913ade03f15c782b99132ba22f","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3572077804076143","authorIdStr":"3572077804076143"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940195875","repostId":1191132317,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940198254,"gmtCreate":1677737034878,"gmtModify":1677737040018,"author":{"id":"4115870689390592","authorId":"4115870689390592","name":"Humama888","avatar":"https://community-static.tradeup.com/news/0275ebb04f8c132c19c1a56dbba69354","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"4115870689390592","authorIdStr":"4115870689390592"},"htmlText":"I believe this is a flourishing business and being the No1 EV in the market will give Tesla the advantage to do well.&nbsp;","listText":"I believe this is a flourishing business and being the No1 EV in the market will give Tesla the advantage to do well.&nbsp;","text":"I believe this is a flourishing business and being the No1 EV in the market will give Tesla the advantage to do well.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940198254","repostId":1191132317,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940191470,"gmtCreate":1677736620990,"gmtModify":1677736629080,"author":{"id":"4092410028565880","authorId":"4092410028565880","name":"Trident777","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":1,"crmLevelSwitch":0,"idStr":"4092410028565880","authorIdStr":"4092410028565880"},"htmlText":"Triggered with near minus&nbsp;6%&nbsp;at&nbsp;AM?? 😂","listText":"Triggered with near minus&nbsp;6%&nbsp;at&nbsp;AM?? 😂","text":"Triggered with near minus 6% at AM?? 😂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940191470","repostId":1191132317,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940105582,"gmtCreate":1677733066847,"gmtModify":1677733070502,"author":{"id":"3575544575320394","authorId":"3575544575320394","name":"来人","avatar":"https://static.tigerbbs.com/0af89587decbb8a1d3e1596adc29cb98","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3575544575320394","authorIdStr":"3575544575320394"},"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940105582","repostId":1191132317,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":235,"commentSize":8,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1191132317"}