Tesla-Mania!
With yesterday’s wilding spree, Tesla Motors joined a growing group of mania-driven stock whose price has arguably gotten years ahead of reality. Johnson & Johnson, Best Buy, Netflix — and, for a while at least, Facebook – are others mania stocks we’ve tracked here recently, trading them from both the long and the short side. In the case of TSLA, permabears though we be, we were confident about going along for the ride until yesterday, when the stock, powered by a fury of desperate short-covering, kissed a 104.44 “Hidden Pivot” rally target. That number, a “Hidden Pivot” resistance, had been disseminated to subscribers when the stock was trading near $73 several weeks ago. At the time, we recommended getting long ahead of a possible blowoff, then to reverse the position and go short when the target was reached. (…)
Read the rest of Tesla-Mania!
Rick’s Picks is a trading newsletter for stock, gold, silver and mini-indexes. All trades are based on the proprietary Hidden Pivot technical analysis method.
© Rick Ackerman and www.rickackerman.com, 2013. |
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Source: http://www.rickackerman.com/2013/05/tesla-mania/
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