Tag Archives: TSLA

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

Tesla Motors (TSLA) Short Stock Update

1 May

Tesla Motors had another distribution day today on average volume. Tesla Motor’s stock dropped 1.41% today. Most of the selling happened in the last minutes of the trading day. Today’s candlestick was not able to break above yesterday’s high and made a lower low today. I tightened my stop to $55.99. I did not take any profit today. Yeseterday, I missed some possible support levels. In today’s Tesla Motors stock chart, I drew lines where possible support might be. The first would be at the 8 day moving average. If the stock touches this moving average, I will take half of my position off the table for a small profit.

TSLA Motors (TSLA) stock chart for 5/1/2013

Telsa Motors (TSLA) – Nice short setup

1 May

Tesla Motors has had a nice run on some good news. But now, the run looks overextended; at least in the short term. This looks like a great short setup for Tesla Motors (TSLA). On 4/23, the stock put out a doji candle with a long wick on top indicating a possible reversal. Volume was above average at 3.7m shares. The following day, the stock put out a red candle on average volume. TSLA stock had another distribution day on 4/26 on higher than average volume of 3.6m shares and finally today (4/30), it had bigger distribution day on high volume (5.5m) shares and another reversal candle.

The stochastic reading for TSLA stock has been in oversold territory since 4/18. It currently reads 83.89 and heading downward. Some support can be seen at the 8 day simple moving average ($51.45), at $46, and at $40.21. Below $40.21, I would look for a gap fill. See TSLA’s chart below:

Tesla Motors (TSLA) Short Setup