Tesla shares could dive into 'deep pessimism' after 100% rally in three months $TSLA (via TradingNation)
Shares spiked last week after the company met fourth-quarter delivery guidance. The electric car maker reported deliveries of 112,000 vehicles over the quarter, up 23% from a year earlier."This stock just has a history of running ahead of itself and then diving into deep pessimism and then running ahead of itself, and then diving into deep pessimism. So I'd say that we're in the former headed toward the latter at some point because it always seems to happen," Sanchez said.
"Long term for this, I actually am a believer and I think that this is an interesting and game-changing stock, but it is still really having to suffer the sort of ebb and flow of building itself up as a company. So as that happens, the stock is more likely to have ebb than flow next," Sanchez said., who correctly called last year's bottom and rebound, says history also suggests a tenuous position for Tesla's shares.
The relative strength index, or RSI, is currently at 79. The momentum measure is considered overbought when it's above 70.
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