Whether we like it or not, $TSLA was in a bubble. And whether you think the Green Energy movement has a future or not, the stock is simply way overpriced.
And when we zoom out, the sideways trading range it’s been in for two years (!) doesn’t look good, because a range like that can only mean one of two things:
- It’s a long re-accumulation prior to another markup
- Or it’s a distribution
But in an inflationary recessionary tightish monetary policy era, just how high do you think it can go? Nah, I think it’s far more likely had its day and will come back down to earth.
And scarily, there is very little volume on the way down:
Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.