Navigating TSLA's Turns

by Mike Paulenoff
December 13, 2020 • 11:18 AM EST
Early on December 3, after Goldman Sachs upgraded TSLA to Buy from Neutral and raised its 12-month target price 780, a full 31% from its then price of 592, Mike Paulenoff wrote MPTrader members:
"I wonder whether or not its (Goldman Sachs) newfound bullishness is a contrary indication, like putting a bull on the cover of Barron's or Time magazine? As for the technical set up in TSLA, my attached chart work argues for a new all time high above 607.80 into the 630 area prior to a meaningful correction into the 500 area, and then, depending on the set-up, maybe TSLA pivots to the upside into a run towards the GS target of 780."
Mike got his expected spike, with TSLA reaching a new regular trading hours high at 654.32 on Wednesday December 9.
Plus he got his expected sell-off and upside pivot, as from there the stock peaked and then corrected to a 566.24 low on Thursday morning, prior to a vicious upside reversal that saw the stock close the week at 609.99. Has TSLA initiated its next powerful upleg that will propel the stock towards Goldman's target of 780?
Join Mike in his live MPTrader room for his forward-looking, out-of-the-box interpretation of TSLA's technical set-ups that inform members' expectations about positioning, risk management, and projected target zones for TSLA as well as for numerous other stocks, ETFs, indices, and commodities.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On March 11, with AAPL in a month-long down-leg and trading at 156.34, Mike Paulenoff posted a relatively bullish analysis for MPTrader members, writing:
"I am watching AAPL more closely than usual these days, as a bellwether for the health/vulnerability of the overall market.
Back on March 1, 2022, Mike Paulenoff posted a technical "heads-up" about JPM for members of MPTrader.com, writing:
"JPM has broken down in glaring fashion from a 12-month Top Formation that my pattern work addressed four weeks ago in case JPM sustained beneath 139-140. Today's low at 134.15 violated my shallowest target zone of 135.50-137.50, and points next to 128-130, with an outlier target zone in the vicinity of 115.
Last Monday morning, May 2, as the equity market careened to the downside ahead of Wednesday's FOMC meeting and the prospect of the biggest rate hike in decades (50 bps), Mike Paulenoff alerted MPTrader members to a potentially significant developing technical setup in AMZN, which had hit a new 13-month low.
Mike wrote: "AMZN pressed to a new corrective low at 2367.50 this AM, a full 37% beneath its ATH.
On Thursday, April 14, Mike Paulenoff cautioned MPTader members about possible near-term upside exhaustion in YIELD and downside exhaustion in longer-term bond prices (and the TLT), writing:
"10 Year YIELD spiked to a new multi-year high at 2.84% today, but Daily Momentum remains well below yesterday's Momentum high, which is our first indication that perhaps the vertical assault in benchmark YIELD is nearing upside exhaustion.
JPM (JP Morgan) reports quarterly earnings this coming Wednesday during pre-market hours. Investor reaction to this particular report is positioned to have a significant influence on the price of the stock. JPM's outspoken and high profile CEO Jamie Dimon already has warned us that changing (i.e.