EatsShootsandLeafs wrote:But support levels and all this technical analysis are total garbage anyway.
LOL! That's the main thing I care about when it comes to stocks, ETFs and indices. Support and resistance are very real. Often, stocks fall to support and bounce off them. They often top out at resistance, until they break thru. Often, a former support level can become resistance, etc.
I don't know candlestick patterns at all (too much to memorize) and I'm not real good at recognizing stuff like head and shoulders, inverted head and shoulders, cup and handle, etc.
Fibonacci retracements seem like TOTAL voodoo, until you use some tools and draw them on charts to see how scarily well it works.
Channels often make sense.
If you use good enough tools (e.g. Thinkorswim https://www.tdameritrade.com/tools-and- ... tures.page) and learn some basic technical analysis, draw some lines to reflect what you've learned (and it saves them on a per symbol basis), you'll see what I mean. I wish I knew all this 20 years ago.
But yeah, part of the joke is that technical analysis works, until it doesn't.
EatsShootsandLeafs wrote:Tesla is clearly overvalued.
I care very little about fundamentals or as CBW (technician on CNBC) calls them "funnymentals". One can do a lot of research and calculation and it can mean squat. Someone opens their mouth and it can move a stock, big time or cause a long-term trend. Clearly, TSLA and MANY other stocks trade at prices and on a basis that have NOTHING to do w/fundamentals (e.g. P/E ratio, PEG, free cash flow, etc.), esp. momentum stocks like TSLA.