TSLA got sacked last week on news that Model 3 deliveries fell far short of expectations. Incredibly, the stock’s 12% plunge did not negate a ‘counterintuitive’ buy signal tripped a week ago on the hourly chart at 286.19. It’s tied to a minimum upside projection of 317.91 and a maximum of 381.36. I expect these upside targets to be negated when TSLA falls beneath 254.46. However, that wouldn’t necessarily portend disaster, since a Hidden Pivot support at 242.44 is there to provide at least a temporary backstop. The stock has been swinging violently within a huge range for two years, and this seems likely to continue — with a long-term bullish bias, unless the company goes bankrupt. The fact the TSLA hasn’t crashed is testimony to Musk’s entrepreneurship and charisma. The regulators may not like the guy, but in the business world even when he makes big mistakes he is a man to be reckoned with._______ UPDATE (Apr 11, 11:30 p.m.): The stock feels heavy. If it falls and a midpoint pivot at 264.71 gives way, that would be telegraphing more downside most immediately to as low as 248.25. ________ UPDATE (Apr 15, 10:16 p.m.): No change in the downside targets given above, but today’s swoon has made a further rally to X=272.93 a ‘mechanical’ short, stop 281.17. _______ UPDATE (Apr 16, 6:24 p.m.): The short triggered. If you did the trade, please let me know in the chat room so that I can establish a tracking position if warranted. In any event, half should be covered on a fall to 264.71.
