Tesla Motors (TSLA) Short Trade Update

2 May

Tesla Motor’s (TSLA) stock made a valiant effort for a comeback today but was rejected putting up another nice candle showing bears rejecting its high of $55.27.

The stochastic dipped down below overbought level of 80 today adding additional confirmation more red candles are coming for Tesla Motor’s (TSLA) stock.

I continue to wait this one out looking for at least one big red candle to take some profits.

I tightened my stops today to $55.30 from $55.99 yesterday. Here is Tesla Motor’s stock chart today.

Tesla Motor's Stock Chart on 5/2/2013

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