Why Scott Redler Still Thinks Tesla Motors Is Broken

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Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
T3 Trading Group Chief Strategist Scott Redler discussed Tesla Motors Inc
TSLA
on the show. "I still think [Tesla is] broken," Redler said, as he noted that some traders had attempted to press Tesla below $185. "With lower oil and the whole praise of Tesla, with the coolness of it," as Redler described it, those things were now past and the vehicles needed "to be widely accepted and start having real demand" rather than being "the forth or fifth car in [a customer's] garage." "If it were to reclaim and break above its ascending channel on heavy volume," then it could move higher, however, before its next earnings release, Redler thought the stock would see resistance at the $192 to $194 levels. Tesla Motors Inc recently traded at $190.68, up 3.07 percent. Listen to the show here:
Posted In: ExclusivesScott RedlerT3 Trading Group
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