Looking like more pain in TSLA's future

3 thg 1, 2023

Indicators used:
Democratic Fibonacci MAs
Consensus Tables (Oscillator Setting)
True Momentum Oscillator

The TSLA weekly charts (and those of lower time frames) look to be continuing the downward trend that the stock has faced over the last few months. The price has dropped below all 10 fib-length MAs (3 through 233) and the DFMA line closes in on the slowest of the fib MAs, indicating a strong bearish trend. The consensus tables (Oscillator is shown here) all agree that the negative trend will continue (consensus value of -1 across all 4 tables, overall consensus of -1). The ADX is over 25, indicating a strong trend. The True Momentum Oscillator is deeply in the red, with the momentum of the oscillator strongly negative as well. A larger head and shoulders formation has continued to play out. Price looking to break under $100 soon, potentially reaching a support around $91 but with room to fall further into the mid-$60 range.