Foot On Accelerator:
Of course Tesla is more than a consumer play, as it probably should be viewed as a technology company, but for the time being is classified as an automobile. Perhaps the only name that can be put in the same sentence as TSLA, is Ferrari, symbol RACE (others in the space have been obliterated with GM F TTM and FCAU all lower between 41 and 61% from their most recent 52 week highs). The chart of RACE is doing battle with its 200 day SMA, and a single CLOSE above that line on 4/17, may prove to be a bull trap. Below is the picture of TSLA, and its chart has a much better complexion in my opinion. It is above both its 50 and 200 day SMA and has carved out a cup with handle formation, with an entry about 1% higher from here. This name has spent time in the penalty box and a break and CLOSE above that pivot could make a run at all time highs later this year near the very round 1000 number.