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Earnings season is ramping up! At this very moment, I’m listening to the TSLA conference call with Elon. At first the stock erased some of the day’s losses, but, evidently, Elon’s pessimist words about the Cybertruck put a damper on things. It is beneath the day’s lows as of now.
Tesla has had a great 2023, having ascended well into the triple-digits percentage-wise, but it has stalled in recent months. At the moment, the price action is crammed between a powerful trio of Fibonacci retracement levels (resistance) and a trendline that has been in place all year (support).
Just to augment my earlier post about utility shorts, this is a beautiful diamond reversal pattern. Sadly, the stock and options are rather thinly-traded!
Below is a chart of the Russell 2000 cash. See that green horizontal? That has provided reliable support through this entire bear market. Break it, and an entire new phase of the bear begins.
Here’s hoping……………
I had sort of forgotten this stock existed, but LZ mentioned Freeport McMoRan (FCX), and I found the symbol hiding in my “Miners” watch list. It is sporting what could turn out to be a beautiful diamond reversal pattern. I went ahead and bought $40 puts expiring on January 19th 2024.
