Why Scott Redler Still Thinks Tesla Motors Is Broken

Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

T3 Trading Group Chief Strategist Scott Redler discussed Tesla Motors Inc (NASDAQ: 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 in the 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.

Shares of Tesla Motors closed at $190.57, up 3.01 percent.

Listen to what else Scott Redler said on the show here: