TSLA wan't able to break the all time high level at 292, and since then it has been doing swings between 182 and 286 in a shrinking consolidating range around the 50% retracement of the [182-292] range which is around 237. It stopped trending, which means this market is undecided about keep on fueling the dream. Currently the Bears are in control and there is no sign of reversal unless there is a close above the 13, 21 Daily Moving Averages. 238 seems to be a support point where it has found some stubborn capital that is still there. Above that point it has been just short term trading. So unless the consolidating range is broken to either side, we'll have still interesting swings around 238.
Comments
ExcitingTechnology
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I think there are a lot of buyers (like me) waiting on the sidelines given the choppy markets so a short position _could_ possibly work out (I will not shot TSLA at this price level).
But for professional traders there is no harm in buying short-term rallies at the EPS support levels like the one it's currently sitting on (with tight stops).
I have no position in the stock right now but will buy at lower $200's for long-term hold even if the market turns sour.
timwest
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It's going to take a long time to get through 292, that's for sure. But I'm watching with great interest. Tesla's Model-X is worth watching closely. The price of gasoline is so low, you would have thought TSLA would be at 100/share, but magically it isn't. Maybe shareholders are stronger that we can imagine.
But for professional traders there is no harm in buying short-term rallies at the EPS support levels like the one it's currently sitting on (with tight stops).
I have no position in the stock right now but will buy at lower $200's for long-term hold even if the market turns sour.