26Jan10:45 amEST

Update on Tesla

It occurred to me--as I noticed tons of rapid Tesla bulls and bears had blocked me on Twitter over the years and I had never directly interacted with virtually any of them--that the TSLA crowd continues to be as cult-like as any in global markets, perhaps aside from Bitcoin or (dovetailing with crypto). 

As an example, I bet my TSLA bullish buddies did not know that in December 2019, after years of operating in a dead money range, I penned this blog post where I clearly laid out my bull case for shares of Mr. Musk's firm. Of course, I also penned tons of bearish TSLA blog posts since then, to the chagrin of said bulls. 

In other words, that is where I want to be over the long run: Drawing the ire of bulls and bears alike for a hot-button stock like TSLA to reinforce that my independent analysis holds true and that I am perma-nothing except rigorous. 

Currently, TSLA is up about 10% after earnings and irritating bears while galvanizing bulls. 

On the long-term TSLA weekly chart, below, I view moves up to $180 as being in the short zone. In other words, any further strength from here likely has limited upside against prior support which I fully expect to convert into newfound resistance in an ongoing bear market for growth stocks. 

Understand that only a few weeks ago TSLA was trading around $106. So, a furious rally off those lows of course makes bulls conjure up the glory days of mid-2020 into 2021. 

However, the prior move down since early-2022 dwarfs this rally. And epic parabolic moves like the one TSLA saw typically do not end without jaw-dropping declines wiping out most or all of the prior run-up which means, yes, TSLA eventually goes below $50 if not $30. 

Stock Market Recap 01/25/23 ... Stock Market Recap 01/26/23 ...


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