TSLA is making its product announcement on Nov 16th about its EV semi-truck. They are likely to try and leverage that announcement into some type of an equity underwriting as the cash burn of the Model 3 is quite intense right now, and I think it is only going to get worse, so Elon would be smart to take advantage of any positive news to shove a bunch more equity down traders’ throats at these obscene price levels (>$300).
I continue to like TSLA to the short side, and I am looking to add a bearish trading position again over the next several days as price bounces into resistance …
TSLA – Weekly Chart
My bigger target in the medium term is that lower support level on the broadening price pattern at around $240. Before that next leg lower, we need to find resistance a little higher up to suck in some more of Ron Barron’s money.
TSLA – Daily Chart
Cheers … Leaf_West