![840a1_72107_modern_chess_painting](https://42bf952bae645b51b232-b397cf91366864d3e4e8274186a900f8.ssl.cf2.rackcdn.com/im/4754/840a1_72107_modern_chess_painting.jpg)
I went short TSLA at $206.55, with a protective cover-stop loss over $217. The position is 4% of my trading portfolio.
My reasoning behind the trade is under the theory that this momentum darling is operating below a declining 200-day moving average and could easily have just put in a lower swing high before rolling back over. Cheaper oil could also negatively impact the name.
But, make no mistake, this is a short-term technical trade rather than a way of expressing a sweeping fundamental thesis.
The weekly chart, for example, shows a potential major topping pattern. I suspect many hybrid momentum traders/long-term Tesla bulls are in the name from higher prices and are nowhere close to panicking out of them...yet.
![TSLA](https://42bf952bae645b51b232-b397cf91366864d3e4e8274186a900f8.ssl.cf2.rackcdn.com/im/4755/TSLA.png)