Tesla ($TSLA) is getting tired. Are you getting greedy? (November 04, 2021)
TSLA
As long as Tesla ( NASDAQ: TSLA ) keeps going up I am going to keep covering it. Look, this stock continues to run higher If you look at the lows, the intraday lows, you will see, the last time this stock printed an intraday low that was lower than the prior is this day, on the 21st. That’s the day that it gapped down a little bit, and since that time every single day, the intraday low has been higher than the one before. That, by itself, indicates that this is a really strong stock.
But you can also see that the stock started ramping up, look at the steepness and it’s finally up here. But then over the last 3-days, it is, again, still up. But here was the line kind and now it has kind of tapered off. I will say it again, it is still up, it is still going higher. But man, this thing every day, it just feels like maybe this is the day that this thing pulls back. I don’t think that the pullback, when it does come is going to be that steep.
So if you are still in this stock what I would suggest doing is, use trailing stops. But think, what did I just say about the higher intraday lows? They continue to be higher every single time. And so if you wanted to; if you are saying, well where do I put my stop? One frame of reference is the intraday low. Like today when the stock traded you could say, alright, I am going to put my stop here. The stock is up higher but if it prints a lower intraday low, this is about 7-8 percent, then I need to get out of this stock.
Tomorrow, where the stock opens up your stop would be, I am not saying you should do this, I am pointing out to you, that the low is 1,217.00, so you’ve got here at 1,217.00 right here, and that is where you would put your stop. My sense is, that sooner or later, especially with this is such a tight trading range today, sooner or later you are going to get stopped out, with the stop this tight. But still, if that is the method that you are using, then that is the method that you are using.
As the stock continues to go up the volume declines here. So we are back down, actually, for lower than average volume for the first time in a while. I am looking at this stock and I am just telling you, this is a very, very dangerous stock to own. You are kind of flipping a coin. You could continue to see this stock run-up without any pullback, it could run up to 1,400.00.
Personally, I am looking at this chart, I think it’s got a long way still to go. But for now, we are just looking at the daily chart here, and this is a stock that you have GOT to be taking profits on now. I got out of it a while ago, I wish that I didn’t but I can’t go back in, it is just a bad buy right now. So think about what I am telling you, all I am trying to do is help you not lose your dough.
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