After the comments made by the CEO of Tesla Motors Inc (NASDAQ:TSLA), Elon Musk, where he said the stock price is "Kind Of High Right Now," investors were quick to run for the exits. On Friday, the 5th of September, Tesla Motors Inc (NASDAQ:TSLA) fell in the early morning, then traded sideways for the remainder of the day. The stock continued its sideways move, even as the major indexes had a sharp reversal to the upside, managing to end the session positive.
The weakness in the latest TSLA move, and current chart pattern on the 10min, as well as the 60 minute chart, leads me to believe that Tesla Motors Inc (NASDAQ:TSLA) could have more downside in the cards. If the current bearish set up on Tesla Motors Inc (NASDAQ:TSLA) plays out, leading the stock lower, day traders can use the following levels for quick long scalps (buying the stock for quick bounces higher). The first level will be $269.69, the second and major level of support is $263.84. For these levels to work out as support which can be bought for bounces, Tesla Motors Inc (NASDAQ:TSLA) must open above the levels mentioned and not have any kind of consolidation above them. If you can prepare yourself and read the charts properly, should TSLA touch those levels, then you will have a great quick trade opportunity. I will be trading this stock at the levels mentioned should the chart pattern still support this reasoning at that time and preparing to enter TSLA for a swing trade as well.
Kiliam Lopez
InTheMoneyStocks
Submitted September 08, 2014 at 10:41AM by inthemoneystocks http://ift.tt/Yq8jZK
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