Wednesday, April 30, 2014

Tesla Hits Resistance, Stalls (TSLA)

Yesterday the stock closed at $206.92 Up $8.41. In late pre-market action TSLA is trading down $2.32 at $204.60.

On April 15 the stock traded down to $184.32, below the $193.64 level that had marked the closing low the day of the last earnings report, Feb. 19. The stock closed at $193.91 on the 15th i.e. support held and for my purposes a new bull rally began.
From our April 7 post Tesla Just Above Multi-month Low With News of Reduction in Carbon Credits (TSLA):
...This gives us a couple support targests, $203 and then $193.
If the stock blows past the lower it could drop as far as the hundred-buck range.
Here's the 3-month action via Yahoo Finance:
Chart forTesla Motors, Inc. (TSLA)
Note the gap fill and the tail of the Apr. 15 candle.
From Kimble Charting Solutions comes a possible explanation of the pause:

http://blog.kimblechartingsolutions.com/wp-content/uploads/2014/04/tslaimportantkissapr30.jpg