BYDDY - Tesla Stock: Assessing The Ongoing Challenges (Technical Analysis)

2024-06-10 09:46:36 ET

Summary

• Tesla's stock has followed a predicted downward trend, consolidating around its current price level.
• The imposition of tariffs on imported Chinese EVs by the Biden Administration may impact the U.S. market.
• Two potential scenarios for Tesla's stock include sideways movement or a short-term rise followed by a decline, both suggesting limited long-oriented investment opportunities.
• In this technical article, I discuss important price levels and metrics that investors could consider for gaining an edge on the stock’s likely price action.

Tesla, Inc. ( TSLA ) stock has followed very closely my assumption of a breakdown towards its major support, and since then, the stock has reacted positively until it consolidates around the actual price level. While the formed range can offer profitable swing trades for short-term traders, the stock still doesn't offer a positive risk-reward profile for entering significant long positions....

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