TSLA continues to soar next week?
EV counters had been quite calm since the huge rally in July. Investors are probably waiting for this wave of correction to end before opening a new position in these stocks. So, do you think the correction wave will finish soon or the stocks will continue remain at a consolidation phase for incoming weeks? Let's look at the leader Tesla!
TSLA in Technical Aspects
Since the downtrend line breakout towards the end of August, TSLA began its trend reversal with strong rebound over the past two weeks.
TSLA daily chart
We can see obvious symmetrical triangle followed by an ascending triangle pattern as highlighted in blue in the chart above.
Symmetrical and Ascending Triangle - Bull or Bear sign?
A symmetrical triangle is a chart formation where the slope of the price’s highs and the slope of the price’s lows converge together to a point where it looks like a triangle. This means that neither the buyers nor the sellers are pushing the price far enough to make a clear trend. This is also a type of consolidation.
For TSLA, the stock chose to breakout upwards which was a bullish sign.
On the other hand, for Ascending Triangle, it's simpler. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. In contrast to the symmetrical triangle, an ascending triangle has a definitive bullish bias before the actual breakout.
Dojo - Fundamental catalyst
Tesla’s Dojo supercomputer is built to process vast amounts of data and perform complex AI and machine learning computations. While the exact technical specifications and details of Dojo are not publicly disclosed, the supercomputer is expected to be capable of processing and analyzing massive amounts of sensor data collected from Tesla vehicles during real-world driving scenarios. Through Dojo, improvements to Autopilot and Full Self-Driving are expected to accelerate.
DOJO
In short, with all the reason above, I believe Tesla is going to continue its bullish run next week. $Tesla Motors(TSLA)$
I will share about Chinese EVs in the next article.
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Widely respected Wall Street firm Morgan Stanley has officially named Tesla as its #1 AI “Top Pick” company with a $400 stock price target. BULLISH
Competition will continue to eat away profits. Times are changing. Mercedes has already surpassed Tesla in terms of battery tech. Bmw, ford, gm, Toyota and lots more is coming to take away from Tesla. Time will be rough for this Tesla going forward. you have to invest with the facts and not emotions…..
2024 a great year coming for Tesla. New car better performance much better range lower price better design .. don’t bet against Elon. Tesla by end of yr 2024 will be or above 500 per share .
Big Three will probably go bankrupt here soon. 40% raises will eat into their ICE profits and leave no room for them to make make their BEVs profitable. That leaves Tesla with all the sales and only EV manufacturer that makes a profit on their cars!!!
After Zacks rated the Tesla stock as “Strong Sell”, the stock went up by 60%. The rating is still the same… Tesla has been most traded stock for these months, and they missed it completely… This is why I trust myself more than some analysts….
Lowering margins is a normal trend for an expanding business. Additionally, it puts a tremendous pressure on the competition which still works with negative margins
This company is a winner long term. TSLA still in its infancy and will be continously growing the next 10 years at least. More splits and increase in stock value are in the horizon.
Tesla is not car company. If your still on that train, you need to read. Tesla owns the data that no other company (regardless of type) has. Ford, GM, foreign car companies, could never build. Time is not on their side.
2024 Tesla will be at 500 a share by years end … why ? New car new design better performance better range lower price. Don’t bet against Elon.
If the Nasdaq bounce back on Monday, possibly, TSLA will be reached to 285.
Tesla margins are in a league of their own.
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Buy