I am late in shorting the first turn away from the upper level of resistance. However the price action may continue to drop to the lower range of the upper bear channel, 239 area. I do not prefer the risk to reward at this point in time and am watching for a retest of the 248-254 range to short in the first 5-7 trading days of May.
A more aggressive approach may be required if the price breaks due the news this weekend of quality issues and warranty costs climbing. This may require a wider risk to reward ratio due to the possible retracement.
Good luck to all!
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Time to tighten up the stop and lock in profits when the market rises. Going into next week I am moving my buy stop from 1225 to 1217.50. I am anticipating a rally possibly into the third week of May.
I am long term bearish until this company no longer relies on government assistance and truly turns a profit. The hype will continue until reality unfolds in the future.
Don't get me wrong, I am a fan of all vehicles including electric cars. But business is business, cash flow is king!
Trade active
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The price action has rallied back into the resistance area of 225-229. Due to the amount of time that has passed I would prefer to submit a new updated chart.
The $24 question is will the "hype" continue? I really loved the article I saw on the internet this morning about Musk's "Master Plan"! I believe I know his personal "master" plan and the stock price has to maintain or rise for him to financially benefit. A person only has to research his compensation, basically he does not receive a salary and is only compensated by milestones that are not related to profit.
I will continue with a trailing stop to be out of this position, sliding the buy stop to 212.50. My apologizes on the references of 1225 to 1217.50 as I follow gold also, so should have been 225 to 217.50. Now I wish to lock in another 5 points of profit - 212.50.
PP-Guy
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Time to move my stop and lock in profits as the market is right. So a stop above 225 as price action above this would be a possible retracement to lock in profits if one chooses.