Tesla Does Not Need Recharging Yet

• Posted by Greg Harmon
• on September 25th, 2013

You cannot look at the chart above without thinking it will end badly. Images of Apple, $AAPL, recently come to mind and then tulip bulbs. But what are you supposed to do, sit and watch it go to 500 before it starts a pullback? that is one way. But if you are involved in any way shape or form with social media or news in general it is hard. So I suggest if you wish to participate, so you can look cool at the neighbors clambake, that you shorten the timeframe and follow the technicals. Other than being overbought, which it has been on and off for ever, the price action is really quite bullish. And looking at the close up chart below even gives a couple of targets and triggers. The break of the red triangle higher carries a target of 183 initially, which it found and is currently consolidating around. But a move over that consolidation carries it higher to 200 when measuring from the August 15 low ad extending into the triangle. A break higher also carries its own Measured move to 205 when looking from the triangle consolidation to 185 area and then extending it above. Two different patterns targeting 8% to 10% higher. And there is still plenty of short interest, over 25%, to fuel that move. Not too shabby!

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