Solar stocks such as SUNE, SCTY have been hammered real hard for the past 3 weeks. Tesla is not a unicorn immune to the global deflationary forces.
Like many, Tesla relies on cheap debt to finance its research and development. This isn't sustainable when Janet Yellen is no longer supporting the market with Quantitative easing (QE). It is also on the verge of breaking down from the rising wedge developed since November 2013.
Stop loss: 236.72 Take Profit: 132.02 Entry: 212.94
Overall, I'm still bullish in the long term prospect of Tesla and at $120 it is almost certainly a good buy.