$TSLA set to fall further?

$TSLA set to fall further?


September 2022


Alex Cole

$TSLA has helped the consumer discretionary sector outperform over the last several weeks, but is that relative outperformance over?

After failing at resistance from August's prior highs, price has fallen to test the lower bound of a wider channel.  As it has done so, GoNoGo Trend has moved from "Go" bars into pink and now strong purple "NoGo". GoNoGo Oscillator meanwhile has moved below the zero line and quickly retested that level before being turned away again.  This has triggered a NoGo Continuation Icon (red circle) to appear above the price bar, telling us that momentum is in the direction of the "NoGo" trend.  This may give price the impetus it needs to break out of the channel to new lows.