01/10/2021
Four Points of Downward Pressure on TSLA in January
TSLA is facing headwinds as the New Year begins.
The four pressures between TSLA and $1,000 per share target:
-NIO Day: NIO Day and NVDA partnership will draw buyers away from TSLA due to NIO’s lower price and FOMO. NIO’s daily chart has been choppy since early November, just broke resistance, and gapped up to a new high on Friday.
-737 MAX Crash: With the crash in Indonesia today, BA’s dip will apply downward pressure on all airline and some travel companies. This will drag the indexes down pulling on TSLA.
-Political Unrest: The potential for continued political violence, possible impeachment, and debate over stimulus checks will create “starts and fits” in the TSLA price.
-Gravity: TSLA’s chart is extended and getting choppy. What goes up, must come down (at least a little bit).
The question is, “When?”, I say, “Now.”
I expect choppiness between 875-865 and to revisit 850 levels before the end of the week. TSLA doesn’t hold $1,000 until after Biden is in power.
