Tesla has had an amazing 2023. Elon and Tesla were both considered laughingstocks at the end of 2022 – – a stock that had lost three-quarters of its value, a man who vastly overpaid for a failing social media network – – but both have had staggering recoveries in just months (including re-claiming the spot of Richest Man in the World, which comes with a handsome trophy). I would strongly suggest keeping an eye on TSLA this week.
The reason, as I’ve pointed out, is an important price gap and a major pair of Fibonacci resistance lines. If the stock tops out around $260, plus or minus five bucks, I’d say that was a significant affirmation of the importance of these lines. Tesla would probably drag the market right down with it.
Speaking of my goofy car-related predictions, I stated on Friday morning – – in the face of Carvana being the #1 gainer in the entire country – – that it had encountered “meaningful resistance.”
Yeah, it would seem so.
