Tsla formed a head and shoulder on the weekly charts and is also in a downtrend channel. Lots of stops are building up below $180 and there's no support until $150 where all the buyers are waiting. Tsla needs a big shakeout to flush out all the weak longs who bought at higher prices. Once all the weak holders are squeezed out, the stock will be in the hands of the strong holders who will load up if price can drop to $150. A break out of the lower trend line and back above will catch the reversal.
As a large institution, I wouldn't be interested at paying up at such high prices, but would love to load up the boat at $150.
As a large institution, I wouldn't be interested at paying up at such high prices, but would love to load up the boat at $150.