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Tesla Technicals Listened, Now What?

Updated: Feb 15, 2023

I said about a week ago, January 11th, "Today's action was a mini-short term breakout. The first of it's kind since the stock's been in a spiral-free-fall. There is still medium-term risk to lower levels, say 90 but for now technicals are giving it a chance to go up."

So today's up move of 7% is inline with technicals. Tesla Listened.

In perspective, its not amazing because it lagged the market meaning there's more sellers. It did well today with a report that discounts are working. Discounts help sales but hurt earnings. And since following TSLA, earnings are the driver to this stock. That's what all the analysts missed when I was a big lone sell-side bull a few years ago.

Still I think it will be short term overbought tomorrow or the next day but still has inches left to go in this move if it wants.

Fundamentals still have risk with demand, margins now based on discounts, and any more Musk margin calls.

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