Bearish DailyPlay for Wednesday February 24th, 2016 – Tesla Motors (TSLA)
The bearish DailyPlay we chose for Wednesday February 24th is Tesla Motors (TSLA). TSLA is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 0.59% move higher but it’s 6m trend remains bearish and recently has failed to break above its $74 minor resistance level.
Tesla Motors’s 1m and 6m trends turned bearish on 1/04 and recently bounced lower off its $180 resistance level on high volume. With a technical score of 2 (out of 10), TSLA looks positioned to continue this strong bearish trend lower.