Tesla Motors was recently awarded the coveted Motor Trend Car of The Year for the Tesla Model S. It was a landmark move by the magazine and has received more than a fair share of criticism on the internet. However, it may have served as a catalyst for stock price, which has been on a tear.
It’s one of my current longs, and is butting its head against a significant resistance level. I’ve taken a small scale in the name because my rules dictate taking profits at logical price levels (levels that when long present significant resistance). But I only scaled ¼ of the position, where I normally take a larger third. It’s hard to defend a level multiple times. It gets harder every time. My thought is always to assume a resistance will hold the first time, make it prove itself every time after that.
As you can see on the weekly chart, the battle line is clear, unlike the opaque future of electric cars:
