Tesla Doldrums

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

Well, Elon’s long-term desire to have his car models spell out a saucy acronym has at last been realized.

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The thing is, the market really doesn’t care about making 8th grade boys laugh. They care about profits. And in a world in which every piece-of-crap stock is going up, poor Tesla is actually down 30% from its own highs, grinding endlessly lower, even while launching new products.

Looking at the long-term chart, the key level of support for TSLA is at 244.59. Break this, and it’s just going to enter a new phase of its own private bear market.

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