In this analysis, I will provide a detailed technical analysis of Tesla’s stock price forecast, accompanied by a trade idea that utilizes a unique Fibonacci entry method. I discuss the recent price movements, identify potential patterns, and suggest a trade strategy for traders considering a Long position with TSLA stock. Please note that trading involves risk, and it is important to conduct thorough research and analysis before making any investment decisions.

Analyzing Tesla’s Stock on the Daily Time Frame

Since late 2020, Tesla’s stock has shown indications of a head and shoulders pattern on the daily time frame. The pattern consists of a left shoulder, a head, and a right shoulder. Following the failed attempt at forming the right shoulder and the subsequent break of the neckline, the stock experienced a significant drop, eventually reaching the measured move level.

The measured move is determined by measuring the distance from the top of the pattern to the neckline break and projecting it downward. In this case, Tesla’s stock price dropped from the top to the measured move level.

Technical Analysis and Trade Idea for TSLA Bulls (using Fib entry)

The above video provides further analyis on more recent price action, and creates a trade plan for gradual, step-by-step, ’scaling in‘ buys at increasingly lower prices. If the stock price is reached, the pre-made, exising buy orders will get filled.

Futher points covered in the above video :

• Tesla Stock Price Forecast 2023: Analysis and Fibonacci Trade Idea
• Analyzing Tesla Stock: Technical Analysis and Head and Shoulders Pattern
• Understanding the Bull Flag Pattern: Upside Potential for Tesla Stock
• Fibonacci Entry Method: Optimizing Trade Entry Points for Tesla
• Managing Risk and Targeting Profits: Stop Loss and Profit Targets

Make sure you have watched the entire video above and feel free to subscribe you the ForexLive.com Youtube Channel and activate alerts to get notified as our videos are published.

This article was written by Itai Levitan at www.forexlive.com.

US President Biden is in Japan for the G7 leaders‘ summit.

While the cat’s away the mice are not making progress. This is the latest out of Washington politics surrounding the debt ceiling negotiations:

US House Speaker Republican Kevin McCarthy

• said he is not seeing progress while the President is away –

  “Unfortunately, the White House moved backwards,” McCarthy told reporters (link to US politics media, The Hill, for more if you are interested)

Meanwhile on the Dem side, this is from another US politics media source, Politico reporter tweet:

• „Democrats in the White House and on Capitol Hill say negotiations are going in the wrong direction“
• „They say Republicans’ demands keep going further to the right.“

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Biden is meeting with Japan, South Korea, and then separately with Ukraine President Volodymyr Zelensky on Sunday (Japan time). Biden will hold a media conference later in the day. He’ll be back in Washington for more debt talks, likely from Monday although he could arrive back on Sunday evening USA time.

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US House Speaker Republican McCarthy & US President Biden.

This article was written by Eamonn Sheridan at www.forexlive.com.