Take a look at beaten-down shares of Tesla (TSLA).  

After gapping from about $210 to less than $180, the stock appears to have bottomed out. From its current price of $185.10, we’d like to see it initially refill its bearish gap at $210. Helping, Cathie Wood’s ARK Invest just bought another 62,100 shares of TSLA this week.

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Also, if you look at a one-year chart of TSLA, you can see it’s technically oversold.  It’s also over-extended on RSI, MACD, and Williams’ %R.  Plus, if you look back over the year, you can see that each time these three indicators become this over-extended, TSLA begins to pivot higher.  We’re hoping to see a similar, positive move this time around, too.


Ian Cooper