Monday, July 8, 2013
TSLA Tesla Motors Daily Chart Overbot Rising Wedge Negative Divergence
Tesla has developed into a trading darling by momo long players. The party is long in the tooth and there is no reason to knock on the door at this late hour. Likewise, it is typically not a good idea to short a stock with momo but the charts are setting up in favor of the TSLA bears. The rising wedge, overbot conditions and negative divergence will create a spank down in price moving forward. The weekly chart is set up the same way indicating a top for the stock although it can squeeze out a bit more juice over then next week or three due to an upward sloping MACD line on the weekly chart. So, if long, time to take the money and move on. TSLA is likely an attractive short from here higher and should roll over to the downside in the coming days or within the month, then take time to digest the parabolic move. Projection is sideways to sideways lower for the weeks and months ahead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.