Tesla Motors Inc -TSLA -Daily - Overbought and up with crude oil
Short term traders can look at the correlation of crude oil (in blue, front month crude oil futures, CL1! symbol) and you can come to the conclusion that this rally may be at the higher end of the range. I imagine Goldman Sachs might want to get back on the bearish train about Crude Oil going down to 30/barrel as one possibility for a decline. There is gap up from earlier this week that the market could retest.
Do you exit here and re-enter on a pullback or just raise your stop? These are the questions that traders and investors must be making at this time because I am both and that is what I am thinking. I think selling call options makes sense too as implied volatility is high ahead of earnings in early May and the news on April 30th about battery systems which could cause some volatility and cause a pullback to the 207-206 "key hidden level" where earnings were reported on Feb 11 this year (see green line).
Either way, whether you sell out now, sell calls, raise your stop or look to buy more on dips to 207-206, it's good to assess the environment for how a stock is acting relative to other markets and in this case, relative to crude oil.
Thinking out loud ---
Tim
2:31PM EST, Friday, April 24, 2015 218.61 last TSLA
Do you exit here and re-enter on a pullback or just raise your stop? These are the questions that traders and investors must be making at this time because I am both and that is what I am thinking. I think selling call options makes sense too as implied volatility is high ahead of earnings in early May and the news on April 30th about battery systems which could cause some volatility and cause a pullback to the 207-206 "key hidden level" where earnings were reported on Feb 11 this year (see green line).
Either way, whether you sell out now, sell calls, raise your stop or look to buy more on dips to 207-206, it's good to assess the environment for how a stock is acting relative to other markets and in this case, relative to crude oil.
Thinking out loud ---
Tim
2:31PM EST, Friday, April 24, 2015 218.61 last TSLA
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