Tesla (TSLA) Hits New All Time Highs: Is It A Short?

Tesla Motors Inc (NASDAQ:TSLA) is trading at $135.12, +5.73 (4.43%). This is a new all time high for the stock and many are asking if the Goldman Sachs Group Inc (NYSE:GS) downgrade to $85 meant anything. Ultimately, Goldman Sachs will be right with the stock coming back down. Valuations are far too stretched and even the technical levels are not showing much further upside. The only thing driving the stock is a high amount of shorts. As the stock goes higher, stocks must cover. That creates artificial buying which propels it higher.

What is the master level for resistance? The stock is nearing its next master level. This level is $136 – $140. Look for it to top out and start back down again in the coming days.

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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