Tesla: Electric Slide Sideways

On the back of the news of the SCTY TSLA buyout bid, it is probably a worthwhile venture to take a step back and view Tesla for what it is--A momentum leader in the market for years on end which has essentially gone nowhere over the last few years. 

On the zoomed-out weekly chart, below, we can see as much, with $195 acting as a general floor of sorts. To the upside, Tesla has struggled mightily over the $240 level. 

Overall, TSLA is acting consistently with many other market leaders like DIS NFLX NKE PCLN SBUX UA--Great rallies over a number of years but clearly in corrective/sideways mode, possibly a top before a drop but also likely waiting on cues from the massive funds to position themselves for the next directional move in the broad market. 

Put another way, the rotations continue, where focus should probably be placed on the likes of software in tech, rather than sweating every move Tesla makes in its electric slide sideways.