Tesla: Blow Off Top Possible
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Tesla Motors Inc (NASDAQ:TSLA) continues to power higher, ignoring valuation issues. The hype continues to be the story here and it has carried it up over 300% in 2013. Today however, the stock is speaking a new tune on a technical basis. First, the stock has a three bar surge on the daily. We find that major moves end on three bar surges. Next, the stock has an intra day topping tail on huge volume. This signals distribution and a possible top. Last, the market cap of this company is now almost 50% of Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM). One last thing that should be mentioned, everyone, including the milkman is now talking about how great Tesla is. The great market and stock tops are always put in when the average investors get the most bullish.
Gareth Soloway
InTheMoneyStocks
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