Earlier today, I suggested that Tesla was about to reverse lower. I totally nailed this prediction, except for the direction. Instead, the TSLA short squeeze continues apace, making me wonder if Atilla still has his entire portfolio short the stock. I actually think it’s pretty nice that this thing is defying gravity, since a certain someone I know is profiting handsomely from this nutty rise, now in its 9th consecutive day.
Looking at the daily chart, you can see my rational for being suspicious of the stock’s continued strength. The green tint marked a confluence of trendlines, which TSLA wound up busting. Now we’ve stalled at about $260, the highest Fib (red line). Get above this level, and I shall only shrug my shoulders.
There are two important dates forthcoming: June 23rd, which is earnings, and August 8th, the Robotaxi reveal, which might be a good “sell the news” event. Good luck out there!
BONUS TWEET:
