So Tesla Wants to Take a Drive in New Jersey, Eh?

News of New Jersey reversing its ban on Tesla's direct auto sales appeared to be bullish for the stock this morning. 

But now TSLA is fading a bit at a critical reference point, the 50-day moving average, seen below in dark blue on the zoomed-out daily chart. 

While it is not popular to point out, the fact of the matter is that TSLA remains a corrective chart on many timeframes, well below its 200-day moving average (yellow line).

The purple line denoted a series of well-defined lows stretching back several quarters. If bulls fail to defend in the coming weeks I suspect another major leg lower could easily develop. 

But on a standalone basis, with the stock rallying back up to its declining 50-day moving average and finding sellers thus far today, I have the stock back on my short radar. Simply and objectively put, the stock is in a downtrend and risk still remains lower until we see more concrete evidence of a bottom.