The bulls continue to joyfully curb-stomp the longer-suffering bears, as the /ES nudges its way past this green horizontal.
Benjamin Franklin Pierce
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Tesla Fibs
No, this isn’t going to be some diatribe about Tesla not launching products on time or any other canards. It’s about the stock Tesla (TSLA) and its Fibonacci retracement levels. They seem to have a very intimate relationship.
Here we see the stock over the past few years. There are two Fibonacci retracement pairs on here. Both are anchored to Tesla’s lifetime high, and the lows are anchored, respectively, to the low of June 3, 2019 and the lifetime low near its IPO. As you can see, the prices have an extraordinary respect for the Fibs, alternately acting as support or resistance.
Important Test for AMD
In the span of six trading days, AMD traversed from one Fibonacci level to the other. We are now at an important test: will AMD find support at this level and begin another ascent, participating in the unhinged and deluded AI frenzy some more, or will it begin its next traverse lower?
Now or Never for Tesla
OK, mission accomplished! Having gone up almost without a single downtick since New Year’s Day, Tesla has roared to its double Fibonacci pair and closed its price gap. Simply stated, that should be the end of the run. If not, the road is cleared for this sucker to simply march up to the next major resistance around $328.
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