Tesla has bounced mightily since yesterday, adding about $80 in twenty-four hours. This is very impressive, but I’d like to give this move some context. Since its price peak on November 4th, Tesla has been the poster child for “lower highs, lower lows”, and my view is that this is just another counter-trend reaction that will soon sputter out.
The impression many people have of TSLA as a stock is its eye-popping, multi-hundred percent gain from March 2020 until twenty months later. The long-term history of the stock plainly shows a tendencies to slog it out for literally years at a time, grinding away and not really going anywhere over the long haul. I strongly suspect another one of these multi-year slogs is on the way.
