Say Goodbye To August Weakness? π
Thanks to Tiger for awarding the weekly top predictions for SPY again. Most importantly, a big congrats for all to have survived another brutal onslaught of the stock market and soaked patiently in this August bloodbath.
TSLA dropped 1.7% to $215.49 which marked the sixth consecutive drop for Tesla stock and the 13th in the past 14 trading sessions.
The good news for investors after the decline is that Tesla stock is nearing some technical support such as the 50% Fibonacci retracement level which coincides with $200 being the psychological barrier.
August is almost done in a week
It also happens to be supported by the 200-day moving average which is near $197 at the moment and rising gradually. The current price action seems like an attractive discounted buy should it shows a higher high early next week.
A longer term perspective
The after hours spike on Friday may hint a strong dip buying in play. However, it is better to monitor for any dump after the final giant chip makerβs earnings call next Tuesday to confirm a bullish momentum is back or not.
Buy put #1
Buy put #2
The S&P 500 chart shows an oversold position and a bounce is likely to come soon. Itβs a good time to consider when to fire the first bullet out of the three shots from the economic news and post NVDA earnings result next week.
It takes patience, courage and conviction to win in the stock market. Nothing goes up or down forever. Never catch a falling knife but grab one on the rise to secure a good discount of a few proven and profitable company that can rise the fastest at the u-turn.
All the best and take care for the remaining August! Blessed weekend π
Weekly option trades summary
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Well still have 2 weeks to see⦠hope it will rally
Best to make $$ this week? Buy the weekly $235 and $240 calls. These can have more than 100 percent returns tomorrow or this week when TSLA trends higher.
Tesla is much more than a car company. It's a tech company specializing in the most advanced Ai in the world, a solar company, a robotics company, and much more. For these reasons, Tesla's p/e is low esp compared to amazon's p/e of 300.
Tesla CEO Elon Musk hired WEF Chairwomen as CEO of Twitter X. WEF pushes the climate agenda so apparently good reason for this stock to move up $TSLA
Car company with a PE of 68. Fair value for Tesla is $25. Mark this post!
UP, UP, and AWAYβ¦.Faster than a speeding bullit. π
Feel free to buy or own that sliding 2 year debacle.
Nah