TSLA Update – November 13, 2017 …

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

The median line at around $323 or the daily ATR resistance at about $330 should be the upper lid on any price bounce this week into that expected equity financing.

Cheers … Leaf_West

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