Tesla in downtrend, short opportunity coming up? (again)
After a long, steep rise* to a market cap well in excess of several carmakers with well-established franchises and less unpredictably flammable technology, TSLA took a hit when a video of a burning Model S went viral on Youtube. A more recent fall in the stock coincided with an InteractiveBrokers margin hike**.
A downward-sloping pitchfork dating to ~9th Oct now looks confirmed (eg by support at the ML, a zoom through the ML, and finally resistance at the ML***). An entry may present itself within the next few hours: short at 167.5, stop at 171.3 (or just above ML if you like to live dangerously). Of course, if TSLA makes it back above the ML (~$170) all bets are off...
This is my first 'idea' & I just made it up. So comments welcome & good luck! :)
*context: tradingview.com/e/E5qSJWeh/
** zerohedge.com/news/2013-10-07/interactive-brokers-just-punkd-microcap-momentum-chasers-hikes-margins-100
*** Seriously - to within a couple of cents until the last bounce, which was lower and could herald the sharp drop. See
A downward-sloping pitchfork dating to ~9th Oct now looks confirmed (eg by support at the ML, a zoom through the ML, and finally resistance at the ML***). An entry may present itself within the next few hours: short at 167.5, stop at 171.3 (or just above ML if you like to live dangerously). Of course, if TSLA makes it back above the ML (~$170) all bets are off...
This is my first 'idea' & I just made it up. So comments welcome & good luck! :)
*context: tradingview.com/e/E5qSJWeh/
** zerohedge.com/news/2013-10-07/interactive-brokers-just-punkd-microcap-momentum-chasers-hikes-margins-100
*** Seriously - to within a couple of cents until the last bounce, which was lower and could herald the sharp drop. See
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