Tesla Motors (TSLA)
TESLA WeeklyThis stock has been showing so much promise but there seems to be no impact on its ability to head higher . The last few weeks it has been attempting to tread to a new high only to meet with supplies. AFter forming a Type 2 negative divergence the prices are swiftly heading lower. Now with the breach of the support trendline we could be looking at some selling interest stepping into the counter. One should look to sell this counter in the coming days.
Tesla Making WavesTesla has been moving steadily following a wave like pattern over the last three years. This involves rising wave followed by channel movement. The movement of the stock one direction or the other is very swift indicating high volatility of the stock. The weekly charts show a similar trend. The RSI is currently oversold and long term trends show a slow down in the strength.
I will short at this position, with a downward potential upto 174. 240 would be stop loss for this stock.
