“Spinning” its Wheels:
There is not a more closely watched automobile play in the world than Tesla. To call in at auto-play is probably misleading as it is really a technology company. Some find its CEO a bit controversial and it may affect the PRICE sometimes but it looks like it may be trying to put in a short-term bottom here. I say this from the candles it has been recording the last few sessions with three consecutive spinning top candles, hence the headline reference, and Wednesday registered a doji candle. After a 50-handle PRICE decline since the end of Q3, these types of candles could signal selling fatigue and a change of trend in the prevailing direction which could mean better times are ahead for the name. Option activity is bullish, and the MONTHLY chart still shows the symmetrical triangle pattern in place. Others to watch in the space include RACE which has acted well since completing a bullish island reversal on 10/8 with the gap up (after the gap down on 10/3). Trouble began at the very round 500 number with a bearish engulfing candle on 9/3, but I think one can enter here and add to with a buy stop above a double bottom pivot of 481.48.