Tesla looks like it’s setting up for a face-ripping rally (TSLA)

Elon MuskREUTERS/Stephen Lam

Tesla is gearing up for a 60% surge in its stock price, according to technical analysis.
Shares are flirting with key resistance levels that could leave short sellers in a world of pain. 
Follow Tesla’s stock price in real-time here. 

I don’t think many people are prepared for a 60% rip in shares of Tesla. I see the headlines coming through written by people who have never traded a stock in their lives. I see the pessimism and skepticism. Most importantly, I also see that a third of the float is short the stock. So forget what people are saying, look at what people are doing!

Those of you who know me or have been reading the blog for a while understand the power of the failed move, or the “whipsaw” as we like to call it. The old saying is that from failed moves, come fast moves in the opposite direction. I believe this scenario is precisely what we have on our hands today in shares of Tesla. In my opinion, the risk here is much higher and the higher probability outcome is that these shorts get squeezed very hard.See the rest of the story at Business Insider

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