Tesla's Imminent Major Market Move

Zooming out and analyzing the weekly chart, it becomes evident that $Tesla Motors(TSLA)$'s current trading position is in close proximity to the downtrend line originating from its November 2021 peak.

Weekly Chart

In the event that the stock successfully breaches this downtrend line, it is conceivable that Tesla's price could ascend to 300 or potentially surpass that level.

Conversely, should the stock face rejection, it may experience a decline and potentially breach the underlying trendline.

Irrespective of whether a breakout or breakdown scenario unfolds, historical data suggests that Tesla often undergoes significant price movements following the formation of wedge patterns. In certain circles, Tesla's stock has been colloquially referred to as "the mother of wedges."

Elon Musk

Disclaimer: The information provided in this post is for informational purposes only and should not be considered as financial advice. This post reflects my personal opinions and should not be considered as financial advice. Investment is subject to significant risk, including the potential loss of capital. Always conduct thorough research before making any investment decisions. [Observation] 

Do you agree with my analysis? Feel free to voice out your opinion and criticism in the comments below.

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Modify on 2023-09-13 22:47

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