Four reasons why I see a pullback to ~$210 for TSLA:
1. TSLA rejected 3 times at the top line of the channel.
2. There's a bearish BAT pattern which suggest we'll see a reversal around $290.
3. There's a rebalance on July 24th and most funds will likely sell Tesla to match the new NASDAQ 100 weight (expected: 4.5 -> 3.4).
4. Lastly, there's a big supply zone level also around $290.
Given Ford slashed prices on their EV trucks by 17% is not good for Tesla either. They will have to do the same for the cybertruck to be competitive. Not to mention Tesla profit margins are expected to be lower by further 270 points from Q1. I really don't see Tesla crossing the $290-$300 supply zone.
I bought 3 Tesla puts $277.5 for 07/28/23. We might see a pullback to ~$210-$215. See my chart for more regarding this.
This is not a financial advice. This is just me speculating please do you own due diligence.
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