The selloff in Tesla's stock Thursday confirms a bearish short-term "double-top" pattern, like the one 7 months ago that preceded the year-end 2022...
The tumble in Tesla Inc.’s stock on Thursday has confirmed a bearish short-term “double-top” pattern, just like the one seven months ago that preceded the plunge at the end of 2022.
A “double top” depicts failure by bulls, as after a pullback from a fresh high the ensuing bounce isn’t able to re-establish the uptrend. If the next pullback falls below the previous pullback’s low, the failure is confirmed, and the outlook becomes bearish. As noted by Frank Cappelleri, technical analyst at CappThesis LLC, the latest double-top pattern “appears like the pattern that developed last summer,” just before the stock’s bottom fell out in late September.
That’s not all. Despite the stock’s big 86.8% bounce off the Jan. 3 low, the 50-day moving average failed to cross above the 200-day moving average that was still declining, which suggests the bounce was big enough to reverse the longer-term downtrend. Read more about the 50-day and 200-day moving averages.On what may be a bright note, the stock’s selloff on Thursday has reached the next key Fibonacci retracement level, which could provide some short-term support for a bounce.
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