π¨ Tesla $TSLA β 340 Looks Toppy? π¨$Tesla Motors(TSLA)$
Price is sitting at $340, right near recent resistance. Historically, every time TSLA approached this zone in the last year, it pulled back hard within days.
πΉ Valuation Stretch β At current levels, TSLAβs P/E is far above other automakers, even with slowing delivery growth.
πΉ China Weakness β July & August deliveries in China reportedly fell vs. prior months, despite more price cuts.
πΉ Fed Rate Cut Effect β If the Fed stays cautious, high-growth names could see selling pressure, especially overbought ones like TSLA.
π Short-term charts show RSI >70 (overbought territory) and weakening volume on each push higher.
If $340 fails to break convincingly, downside to $320β$315 is possible in the near term.
π¬ Whoβs hedging or shorting here?
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