Strong Sell Initiated On Shares Of Tesla Inc After Chart Turns Bearish
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Who would have thought that Tesla Inc (NASDAQ:TSLA) would jump from $180 to $287 in just a few months. That is well over a 55% move in the stock. While most analysts point to increased shipments of cars, many also feel that Elon Musk being very friendly with Donald Trump did not hurt either. Whatever the reason for the major move is, the stock has been a monster. Based on technical analysis, that is about to change. On Tuesday, Tesla Inc reversed its gains and closed near the lows of the day. This formed a bearish topping tail, a strong reversal signal. The stock went from being a strong buy to a strong sell. While most average investors will allow emotion to control them and thus remain bullish, smart investors and traders are selling their long position and buying puts or shorting the stock. I am one of those shorting the stock.
This article was written by Tony Jackson for on .
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