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Fact Checking
Well-Known Member
~$310 is a historic line of resistance, so a lot of technical and momentum traders are going to consider it a point where the price might bounce.
Provides free liquidity to the patient $TSLA accumulators on the market.
bdy0627
Active Member
Shorter term/trading Longs are taking profits and selling heavily near that level because of the resistance it has shown. Shorts are amplifying that tendency.
CoverDrive, over on SA, predicted on 9/24 production of 81,000 for Q3, so this is is pretty close.
Why do so many people here believe that shorts want to make money? Sure there are some stupid shorts, but the majority are some folks with deeps oil money who's interest is to harm tesla. They will not be gone soon.
jhm
Well-Known Member
Artful Dodger
"Ducimus, lit"
No, Adam repeated his guidance in July 2018 that Tesla still would not be producing 4,000 Model 3s per week by the end of Q2 2019.
At least a stopped clock is right twice a day. Adam's clock stopped when his boss walked in his office, telling him what his story would be. Sad.
dandurston
Member
I like how dips are the shorts' fault, even on days when they are banned from shorting.
Dude this isn't rocket science. There was a huge wall of shares at 310. There are people who don't want Tesla to succeed. Welcome to Tesla.
Furthermore, they aren't banned from shorting today. You could do with some larnin'
Familial Rhino
Endangerous Herbivore
Nobody is banned from shorting.
Fact Checking
Well-Known Member
They are not banned from shorting, they can still add SELL LIMIT orders $0.01 above the bid to short as much as they want to, and will grow their short positions when the orders are hit.
What they are banned from today are price-aggressive orders that decrease the price actively (and artificially), such as market/stop orders and limit orders below the bid.
Otherwise I agree with you: I don't think today's price action was driven by shorts, other than short covering early in the day.
If shorts sell to open positions are in a tight band above the current price (and updated often), then any selling by longs (or shorts with stock), will cause a dip and a lowering of the sell to open orders.
So the stock can't go up (except by blowing though the resistance with high volume), but it can bump down.
LOL. Keep all these dinosaurs next to you and away from Tesla. Not folding like GM was massive mistake on Ford side. He refused basically free money. There are quite a few banks which got bailouts while not needing them. GM got real needed bailout much later (4years ago? 6?)
Anyway Tesla will get some MBA garbage of the type they got last time. I wouldn't be surprised if the names are already known.
Toolsmack
Member
Holy balls! Breaking through 310 made a bear very angry
Fact Checking
Well-Known Member
Most likely macro event driven: there was a sharp drop on the Dow and on the NASDAQ as well at the same moment.
EVNow
Well-Known Member
Both this - and EM's story about Saudi Arabia wanting to invest in Tesla to take it private can't be correct - right ?
I think there are always plenty who believe that EVs are still too expensive and impractical. Infact this is the conventional wisdom. We may think EVs will be mainstream in 5 to 10 years, but most people think that time is decades away. For them EVs are
- Not practical
- Won't make money
Compare these to what they said about Amazon a decade back
- Internet companies will never make money
- .com is just a fad
There is absolutely no need to invoke conspiracy theories.
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As I understand, they are still allowed to short, just have to obey the uptick rule. Also there are options they can do. If someone know the details in this area, please let us know.
EVNow
Well-Known Member
Yes. Oil above $85 - highest in 4 years. May be that drove the market down ?
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