Tesla Stock Price Forecast: Technical Analysis and Trade Idea for Bulls (using Fib entry)

In this analysis, I will provide a detailed technical analysis of Tesla's stock price forecast, accompanied by a trade idea that utilizes a unique Fibonacci entry method. I discuss the recent price movements, identify potential patterns, and suggest a trade strategy for traders considering a Long position with TSLA stock. Please note that trading involves risk, and it is important to conduct thorough research and analysis before making any investment decisions. Analyzing Tesla's Stock on the Daily Time Frame Since late 2020, Tesla's stock has shown indications of a head and shoulders pattern on the daily time frame. The pattern consists of a left shoulder, a head, and a right shoulder. Following the failed attempt at forming the right shoulder and the subsequent break of the neckline, the stock experienced a significant drop, eventually reaching the measured move level. The measured move is determined by measuring the distance from the top of the pattern to the neckline break and projecting it downward. In this case, Tesla's stock price dropped from the top to the measured move level. Technical Analysis and Trade Idea for TSLA Bulls (using Fib entry) The above video provides further analyis on more recent price action, and creates a trade plan for gradual, step-by-step, 'scaling in' buys at increasingly lower prices. If the stock price is reached, the pre-made, exising buy orders will get filled. Futher points covered in the above video : * Tesla Stock Price Forecast 2023: Analysis and Fibonacci Trade Idea * Analyzing Tesla Stock: Technical Analysis and Head and Shoulders Pattern * Understanding the Bull Flag Pattern: Upside Potential for Tesla Stock * Fibonacci Entry Method: Optimizing Trade Entry Points for Tesla * Managing Risk and Targeting Profits: Stop Loss and Profit Targets Make sure you have watched the entire video above and feel free to subscribe you the ForexLive.com Youtube Channel and activate alerts to get notified as our videos are published. This article was written by Itai Levitan at www.forexlive.com.
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