Skinny on Tesla Wednesday August 30, 2023

Skinny On Tesla: Wednesday August 30, 2023

Stock Tesla (Ticker: NFLX) / Sector ETF: XLY / Wed Aug 30, 2023 / DAILY Chart

To enlarge chart right click and open in new tab Stock Tesla (Ticker: NFLX) / Sector ETF: XLY / Wed Aug 30, 2023 / DAILY Chart

PRIOR COMMENTARY 

In 2023, I recommended this stock FOUR times in the Stock Picks Grid

1. Wed Feb 22,  Persistent Uptrend (protect profits on long positions)
2. Tue May 23, Sell Signal Now, downside target 140.00, stop above 208.00
3. Sun Jun 19, Persistent Uptrend (protect profits on long positions)
4. Sun Jul 1, Buy Signal Now, upside target 300.00, stop below 235.23

RECAP

1. Shares did trade lower, correcting down to 163.91 (Mar 13) initially
2. Shares fell but only for one day, to 178.22. From there shares turned higher trading through the 208.00 protective stop level on Jun 1
3. Shares did have limited upside and traded lower, stabilizing at 240.85 (Jun 27)
4. Shares continued higher, reaching 299.29 on Jul 19 just shy of the 300.00 target

OUTLOOK

Shares fell to 212.36 (Aug 18) and are now higher. The outlook is for further upside based on:

— Price attempting a long-term 3rd drive higher looking back to the Jan 6 low

— Momentum having recently posted a Historical Hold and trading higher

— Timing showing a long-term forecast for shares to trade higher into 359.28 into Nov 6th

 The initial upside target is 299.29. Next would be 332.55.

Dips may delay, but only below 212.36 would risk a return to 178.22.

Ticker TSLA | KEY PRICE LEVELS

322.55 – Advanced Forecast 75% Price Subtarget

314.67 – Aug 16 ‘22 Swing High

299.29 – Jul 19 Swing High

289.52 – old low of Jul 19 range

272.90 – Jul 25 high

264.77 – Aug 4 high

Resistance Above

Current price:  256.90

Support Below

228.18 – Aug 24 low

212.36 – Aug 18 low

195.12 – May 31 low

178.22 – May 24 low

164.35 – May 16 low

Hima Reddy, CMT

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