September 1, 2016

Stock Alert and Chart Analysis: TSLA


  In these stock alert and chart analysis posts, I want to highlight a security that is on fire for some reason. Either the security's chart looks amazing and/or social media is going nuts about it.

  If you need a technical analysis refresher click here, and if you want to learn how I trade breakouts click here.

  Okay, let's get to work!

Stock: TSLA, Tesla Motors, Inc.

Long-term Weekly Chart Technical Analysis:

TSLA is coming into and actually just past major weekly support. Friday is going to be critical for this chart. This could simply turn into a wick and bounce back to just above support before closing for the week tomorrow. Who knows.

A SpaceX space rocket just blew up prematurely today and destroyed a really expensive Facebook satellite that would've provided internet to sparsely populated areas around the globe. Sad, and for us, the chart is pretty scary. If TSLA doesn't hold 200 with vigor, it could get bloody IMHO.

Long-term Weekly Chart Gameplan:

TSLA broke below the trendline from early 2016 so that is bearish and suggests at least a short term bear trend/pull back. Add the fact the last several weeks have had bearish closes near lows and you got a bad situation for TSLA.

Short-term Daily Chart Technical Analysis:

Short-term Daily Chart Gameplan:

TSLA blew past daily support today. Things are not looking good here either. I would not consider this a chart worth buying so I'm not going to analyze further, just a scary chart to be honest.

What are your thoughts on TSLA? Let's discuss it in the comments below. Many minds are always better than one!


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