Tesla, Thai Beverage stock analysis, some TA observations
My response to a special request for analysis of Tesla (Nasdaq: TSLA) stock price as well as Thai Beverage listed in Singapore (Y92.SG). Also will put some of my social media shares here.
Tesla (TSLA) at 3-year support
- This chart shows TSLA in weekly time frame from late 2013 to present.
- Immediate support at 3-year low (see horizontal lines). This 3-year low coincides with 52-week low in 2015, was recently tested and supported again in November.
- Price is trading below year open at 230.72 which means that at moment, the stock is in the red year to date.
- Price printed new 52-week low in February this year; this is a bearish expansion that terminates previous year to year uptrend higher high, higher low sequence. A bearish expansion is often the first signal of potential reversal. Bearish expansion is explained here.
- Looking further back, data on tradingview.com goes back to 2010; this new 52-week low is the first time in the chart.
- Quarter to quarter the price is weakening. In fact since I wrote about bearish expansion, November low also expanded below Q2 and Q3.
- For moving averages, I use 13-wk, 26-wk and 52-wks. I call these the ‘3x-wema’. This is in line with my choice of weekly chart and I am convinced it has a good fit with quarterly, half-yearly and yearly financial reporting by listed companies. This 3x-wema array is trending down.
- This week’s high for Tesla at $203 is parked exactly at 26-week exponential moving average. This is to me price action displaying resistance by the moving average line.
From the chart I dare say Tesla short term movement is trending down based on the moving averages as well as Q2 – Q4 price action. For long term investors, the question is of course whether that 3-year low support is a valid one or not (see point 2).
Thai Beverage (Y92.SG) rising
- This chart shows Thai Beverage in weekly time frame from late 2013 to present. The duration of chart is same of Tesla above so readers can do a visual comparison. Data is end-of-day data up till Thursday 15 Dec market close.
- Immediate support appears to come from 52-week ema; weekly price prints morning star candlestick pattern.
- Thai Beverage is in much superior shape: it has a new 52-week high, did not print bearish expansion compared to last year. The makes year to year rising trend.
- Array of moving averages are also rising.
- Q4 is slightly weaker than Q3.
Thai Beverage’s short term trend is down since beginning of Q4. To a long term investor however, this stock is in the pink of health and has a technical picture much superior to many of it’s blue chip counterparts.
Ali Baba (BABA) and Barrick Gold (ABX)
BABA is a positive example of a double bottom reversal pattern (concept here http://wp.me/PeSaw-9dc). Now interested investors can see whether current throwback will find support at the trend line in the region of the former neckline.
ABX is an example of a not typical reversal pattern (concept here http://wp.me/PeSaw-9c8) but the outcome is the same – investors would be currently looking at the throwback wondering if the previous neckline is going to be support for entry (see BABA example↑).
Twitter shares USDJPY and XAUUSD
— Soh tiong hum (@Sohtionghum) December 16, 2016
— Soh tiong hum (@Sohtionghum) December 15, 2016
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.