Tesla Was Oversold Despite Barely Dropping
Tesla is the best performer in the 
Nasdaq-100 over the last three months, up more than 40%. The big rally came on signs the electric car maker has finally corrected its manufacturing problems. That reduced bankruptcy/credit risks. More importantly, it cut the need for raising more capital via dilutive stock offerings. The result was a big short squeeze that punished the bears.
Tesla followed the run with a shallow pullback about two weeks ago and held its ground. That pushed the Stochastic oscillator into the same deeply oversold territory that marked bottoms in June and August.
Traders may look for the bulls to remain in the driver’s seat as long as TSLA stays above those recent lows around $325, with the potential for a race toward the old highs around $380-390.
Nasdaq-100 over the last three months, up more than 40%. The big rally came on signs the electric car maker has finally corrected its manufacturing problems. That reduced bankruptcy/credit risks. More importantly, it cut the need for raising more capital via dilutive stock offerings. The result was a big short squeeze that punished the bears.Tesla followed the run with a shallow pullback about two weeks ago and held its ground. That pushed the Stochastic oscillator into the same deeply oversold territory that marked bottoms in June and August.
Traders may look for the bulls to remain in the driver’s seat as long as TSLA stays above those recent lows around $325, with the potential for a race toward the old highs around $380-390.
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