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TSLA: Update On Short Position

TESLA SHORT POSITION UPDATE

Tesla had a tough week. What stock didn't?

The short-term trend of TSLA (see Pane #3 below, blue line) broke down again, below the previous high. This is bearish. Lower lows and lower highs are bearish.

New short-term support was put in at 31.93. The key now for TSLA is to see if support can hold at 26.83. If not, the stock might fall all the way to the next support level at 22.64.

TSLA failed the last test, which would have been a reversal buy signal. It had to break through resistance at 34.68. Failure to do this is bearish.

(click to enlarge)Click to enlarge

MICHAEL J CLARK

CGTS - Hanoi, Vietnam

Disclosure: I am short TSLA.