Tesla Motors - TSLA - Daily - Plenty of sellers above the market

262 2 4
With the release of the new Model D announced yesterday and to be shown October 9th             , I thought it was worth putting out a chart to show something I hadn't pointed out on the chart before. The rally from July to August had the longest streak of buying that I've seen. There were so many analyst upgrades at that time, that it was a very one-way up-move with plenty of new buyers pushing the price up.

Now the market is digesting those gains and the short sellers are pulling their short positions in on the decline (one would think) after providing the liquidity to the buyers on the way up. The new buyers are being tested here and the 230 level is a big level where the last quarterly earnings were released and digested.

Note how there is a fair amount of overhead supply in the shares of TSLA             from 250-263, so it may be an interesting battle between 230 on the downside and 263 on the upside for awhile.

Tim 11:13AM EST, 10/2/2014

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More... Relative strength to the IWM...
timwest timwest
Note how Tesla is doing RELATIVE to the Russell 2000 at the bottom. Rising.
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