I would asses a good risk to reward ratio for tesla or in a lower risk pair trade with oil . Currently the TSLA/USOIL pair ratio is 4.91. We are at the bottom of the long term in the pair trade and with the bad news piling on we could dip to the lower range shown by the orange . So, the upside in the pair trade being 58.52% and potential expected loss if the downtrend continues is 14.86%. Therefore, the risk to reward ratio is calculate to be 4 to 1 on a pair trade of TSLA with USOIL (58.52/14.86).
For the immediate short term, I would be buyer of TESLA irrespective of oil , as negative sentiment is already priced in, and we are at the lower end and the risk ratio is 4 to 1 and oil is not expected to change significantly in the next month or two.
Adding more shares to long position.