"Tesla stock is done, it's going much lower"
Well, the $TSLA monthly chart disagrees with that.
History shows that since breaking above the 20-month SMA (blue) in July 2024, it has never closed a month below this moving average.
Even though August 2024 (Yen Carry Trade) and March/April 2025 (Tariff Wars) were pretty significant shocks, the monthly candle always closed above the 20-month MA.
Additionally to that, the 0.886 log Fibonacci level is located right around the 20MA as well, adding additional strong support.
Even if price wants to backtest the 0.886 at $353, it would be far from bearish, as there hasn't been a proper backtest of that level since breaking above it at all.
Thus, if price decides to revisit $350, it'll likely be a strong buying opportunity, and the bullish long-term structure would remain very much intact.
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