Is it time to buy TSLA? Need to watch Nasdaq closely on profit taking pattern from traders. Buying TSLA at the 200 Week line has always been a good investment for buy and hold.
Support: 200 Week MA $271. Resistance: $379 Stochastic: oversold RSI: Bulls lost the 50 territory and bears have upper hand on momentum
Trade Setup: Our suggestion is to wait and see how the broader stock market handles the overbought signals and profit taking pattern from traders. Review market context when stochastic flashes a buy signal and if you want to own TSLA on a long term buy and hold this is a good zone. However, if the 200 Week MA support breaks we could see prices drop between the 100% to 127.2% retrace ($248-$212) in the medium term.