After the dump it suffered after the ER the stock started to trade in a consolidating range with very few participation of the capitals who took it to the 280 levels. Today it tried to recover but in general the whole market was green as an average, so we could expect that some drops fell on Tesla too (watch out of the low volume). Is this an uptrend? In the short term chart (30 min) there is a positive divergence, but in the daily all the indicators are red, we have a strong bearish sentiment, increasing negative momentum and sell signals. The pattern says it is at the lower channel support line. If this holds then it can bounce to the upside, keeping in mind that there is a strong Resistance around 250 (It was a strong support during the uptrend), and all the MA's (89,34, 13, 5) are red, which means all of them are rotating to the downside. There is a gap at 254, so this will be a resistance to the upside.
It is very likely this is just a bear flag that will attempt to test the 250's levels before dropping. We have a strong support at 238, if this holds then the major capitals who ignited this trend are still holding, if not, we can expect them to exit and have a price drop back to 180. There are still events to come, like the first deliveries of Model X, but if this is delayed once more Tesla will be shooting at its own foot. The Market has been very patient and announcing a guidance of 50,000 deliveries EOY is not making it happy as we can see with the current levels.
It is very likely this is just a bear flag that will attempt to test the 250's levels before dropping. We have a strong support at 238, if this holds then the major capitals who ignited this trend are still holding, if not, we can expect them to exit and have a price drop back to 180. There are still events to come, like the first deliveries of Model X, but if this is delayed once more Tesla will be shooting at its own foot. The Market has been very patient and announcing a guidance of 50,000 deliveries EOY is not making it happy as we can see with the current levels.