While not a perfect science, something I have incorporated into my analysis lately is examining winning and losing streak data. That is, analyzing what a stock has done following a 2 day winning streak or 3 day losing streak for instance. Or considering what has happened when a stock doesn’t follow a single green week with a 2nd green week in a row, stuff like that. I have not tracked this data enough to know if it works, but I have found it useful in identifying trends and helping form biases on particular stocks. With that said, here is some “streak” data on TSLA:
Remaining below last weeks low (174.15) to end the week would be the first time TSLA closed below previous weeks low since February. Down 3 days in a row for the 5th time in last 100 days. 2x TSLA went down a 4th day in a row, the 2x it was green it closed above previous days high (171.81). Went the shortest amount of time (11 days) between 3 day losing streaks in its history as a $100+ stock. On pace to not follow a single green week (last week) up with a 2nd green week in a row for first time in its history as a $100+ stock. Hasn’t gone below its previous months low (158.51 rp) one time in 2013 and hasn’t closed below it since May 2012.
As you can see there are some “firsts” for TSLA in its history as a $100 stock. What the stock will do in the days/weeks ahead remains to be seen, but the momentum certainly appears to be waning. Whether that upside momentum that we’ve seen for the better part of 5 months turns into outright downside momentum ahead of its 11/5 earnings report in my eyes, is contingent on its ability to break below $158.51. I don’t consider the pullback we’ve seen the last 3 days to be directional downside momentum but rather just a channel move lower. I say that because, from my perspective TSLA has just been in a channel since mid September, with $160 on the low and $190 on the high.
To get similar analysis on NFLX, PCLN, GOOG, & SPY click here.
Did you know that you can watch Stockhaven trade live in real time?
Learn how to daytrade by watching someone else trade! Watchhimtrade.com is the only site that lets you look over the shoulder of a professional daytrader.
Watch this video now where he shows you how it’s possible to make 100% in just 5 minutes!