TSLA Update – March 16, 2018

I last wrote about my short in TSLA on March 1st (click here) … I still have my September monthly TSLA $350 Puts and I continue to write OTM puts and calls while I wait for the real big push lower down into the next obvious level of support.  Here is an update of the charts.

TSLA Weekly Chart – as posted on March 1st

TSLA Weekly Chart – current

The weekly chart has not really started its next major push lower yet, but this week’s candle will be making a new lower low out of the consolidation activity since that March 1st date.  The daily and 195-min charts look like the next expansion phase lower could be happening once we get the March monthly OpEx behind us.

TSLA Daily Chart

You can see that the daily ATR support price is at $324.06 … TSLA is trading today below the $323 level so it is likely that the daily ATR support level is going to be broken with today’s close.  The R/S indicator also looks like it is going to give a sell signal some time in the near future.  I like to see price and relative strength confirming each other.

TSLA 195-Minute Chart

None of the operational data that has been announced this month has really supported an operational turn around at TSLA … lots of senior management have recently left TSLA and that typically is not a great sign/signal for bullish equity investors.  The next major event for TSLA will be the quarterly auto sales figures … they are typically released within the first 5 days after the quarter ends, so that should make the start of April a pivotal one for the battle between the bulls and the bears in TSLA.

Cheers … Leaf_West

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