Another day another piece of Tesla news hitting the tape. Over the weekend we all got to read about the settlement between Musk and the SEC. We have written extensively on the Tesla saga. What happens next we leave to pundits to decide, but as we have been arguing for a long time, Tesla is a hyped news name, but the stock actually trades in a non trend fashion, continuing to trade the great range it has traded within for almost two years.
The longer term 200 day average is flat. The lower part of the big range has been around the 250 level. 300 is the first bigger resistance level to the upside, followed by the 315 level where we find the 200 day average.
Where this stock will go nobody knows, but one thing is sure, investors are frustrated as attempts to break out either way continue getting the knee jerk reversal reaction.
Source: Bloomberg
