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Tesla Shares Are Headed for a Big Selloff


NEW YORK (TheStreet) -- Yes, Tesla (TSLA - Get Report) makes cool cars, but an exciting product doesn't always translate into an ever-rising stock price. So let's forget about the cars for a second and engage in some objective technical analysis of this stock's behavior so far and what history shows is likely to happen in the future. If we do that, we see clearly that Tesla shares are headed lower.

In late June, the decision support engine flashed a red alert that Tesla stock had reached unsustainable, overbought conditions near $265 and that a decline was imminent. The article describing that alert showed how the last few corrections in this stock had averaged 34%, meaning...