Tesla $TSLA is on my Radar

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Tesla $TSLA is on my Radar

Tesla $TSLA is on my radar. In my video update, I show my reasons why I’m watching this visionary car manufacturer. The fundamentals aren’t so good. The technicals aren’t so good either. But volume and supply/demand zones are showing me a different perspective. That’s why Tesla is on my radar, but not in my account yet.

Fundamentally, $TSLA still has negative earnings and a lot of debt. However, it does produce one of the safest electric vehicles on the planet. Recent news about their SolarCity acquisition have caused the stock to drop quickly… not so good.

Technically, $TSLA is on a monthly downtrend with a target at the $156 Hawkeye Zone. The weekly charts shows it in a tight consolidation range (congestion) between $250 and $212. On the daily chart, we see a congested uptrend that will become a congested downtrend today.

$TSLA is now at technical support ($223). If this price breaks below and closes on a daily chart, I’m looking for $212 as a target. If it holds $223, and with good earnings on Oct 25th, I’m looking for $TSLA to break the $266 highs and target $280. Of course, volume must support this, and it’s easy to see with Hawkeye Volume.

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