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TSLA Technical Analysis
- Thread starter Robert.Boston
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Sorry Al, but the McClellans do not analyze individual stocks. They study many technical factors related to market averages culminating in the McClellan Oscillator: Overview - About Us - McClellan Financial
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Interesting correlation identified by McClellan:
The Unexplainable 4-Year Rerun - Free Weekly Technical Analysis Chart - McClellan Financial
"If this strong correlation continues, then we can look forward to a late-June price bottom, followed by another surge to a higher high in July. Given how strong this correlation has been, would you want to bet against it continuing?"--Tom McClellan, June 8, 2017
Obviously regarding the broader market. (SP500)
The Unexplainable 4-Year Rerun - Free Weekly Technical Analysis Chart - McClellan Financial
"If this strong correlation continues, then we can look forward to a late-June price bottom, followed by another surge to a higher high in July. Given how strong this correlation has been, would you want to bet against it continuing?"--Tom McClellan, June 8, 2017
Obviously regarding the broader market. (SP500)
Jonathan Hewitt
Active Member
There is a good chance we did not reach "the bottom" but I would like to point out that we bounced off the 14 week SMA, the same support we bounced off of in March
Below the Bollinger Bands and the Keltner Channels... there are going to be programs reacting to this.
JH: Thanks for the TA which I have yet to master. What do you see as support points before we hit $280? I don't expect it to go that low just trying to collect people's opinion's I respect on support levels/their thoughts.
Thanks. Al
Jonathan Hewitt
Active Member
Well, I'm no pro myself but here are some guesses. There's a bunch I'm probably missing. My guess is one of these should be the bottom but what do I know...
20 week sma at $309
100 day sma at $306
161.8% Fibonacci retracement level $303.87
Round number theorum with $300
"old" ATH/breakout level ~$294
Here's my guess:
Tesla Fibonacci Retracements: (calculated July 4, 2017)
Base assumptions (rounded):
ATH SP= 385, up from 240. Difference of 145 (retracements calculated off this difference):
0.146 retrace == 21.17_____SP=363.83
0.382 retrace == 55.39_____SP=329.61
0.5 retrace ==== 72.50_____SP=312.50
0.618 retrace == 89.61_____SP=295.39 **
**notice this is upper limit of wave 1 which topped around 280-290.
If retraces below 0.618, then this is not wave 4, nor is it wave 3. Then it would be an extension of wave 1.
Tesla Fibonacci Retracements: (calculated July 4, 2017)
Base assumptions (rounded):
ATH SP= 385, up from 240. Difference of 145 (retracements calculated off this difference):
0.146 retrace == 21.17_____SP=363.83
0.382 retrace == 55.39_____SP=329.61
0.5 retrace ==== 72.50_____SP=312.50
0.618 retrace == 89.61_____SP=295.39 **
**notice this is upper limit of wave 1 which topped around 280-290.
If retraces below 0.618, then this is not wave 4, nor is it wave 3. Then it would be an extension of wave 1.
TSLA closing near today’s low is now virtually at the level of an all-time intraday high of $327.66 set on May 2 before a significant three-day slide surrounding the first quarter earnings reported on May 3. Once such record highs preceding drops are again surpassed (as was the case on May 30) they often prove to be strong support levels.
Link to my similar comment on May 4: TSLA Technical Analysis
Link to my similar comment on May 4: TSLA Technical Analysis
need to finalize bottom or top structure - then I can find "actual trend" range using FIBO related tools
so now waiting to finalize top chart
anyway current target is $310 - $311 and we'll see what next.
What is FIBO? TA novice here. Thanks for sharing your insightsneed to finalize bottom or top structure - then I can find "actual trend" range using FIBO related tools
so now waiting to finalize top chart
anyway current target is $310 - $311 and we'll see what next.
Could be this? Fibonacci Calculator - Investing.com but @highend may say it is this Trading platforms, financial tools for forex traders - FIBO Group
Thanks Al. Looks like another day in the woodshed for us
I am not the smartest person in any room so I called, texted and PMd many of the people who I think are WRT to modeling whether it be by Fundamental or Technical Analysis or just plain macros: Consensus: No one feels we go below $280 but everyone expects to see $300-310.
This is one data point. I am comfortable with my position and will only add sub $300 at this point. Hopefully we don't see it.
Keep the faith
A common Fibonacci retracement of 38.1966% from the June high back toward the November low would be at $307.24. Today's low so far is $309.61, which could be close enough to validate a significant bounce point.
EDIT: Meanwhile, there were a couple of gaps this week that may need to be filled. A gap occurs when a day's high is lower than the previous day's low. They are often filled before to long.
EDIT: Meanwhile, there were a couple of gaps this week that may need to be filled. A gap occurs when a day's high is lower than the previous day's low. They are often filled before to long.
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Jonathan Hewitt
Active Member
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