Tesla Truck Enthusiasm Fades

By | November 17, 2017

The good news is that Tesla (TSLA) shares are up a percent at this point in the session; the bad news is they had been as high as 4.5% shortly after the open.

They could reverse once again and close higher on the day, but it is a familiar pattern. The initial enthusiasm about a new product associated with a story stock evaporates quickly and the price fades.

Tesla has been particularly susceptible to this dynamic.

The dark candle that is currently in place on the daily chart suggests some level of failure and the stock price is back below its 200 day moving average. A move next week back below the $305 support level would be particularly bearish.

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