TSLA shares have been in trouble for a while now. They peaked near $388 at the end of June and completed a double top as a retest confirmed resistance there in September. More troubling, the second peak of the double top coincided with the head of a head and shoulders top.
Yesterday the shares were trading near $320. Initial support could appear in the $306 to $308 range where a recent low converges with a 38% Fibonacci retracement, then the $300 round number. Should those areas fail to hold, it would signal a deeper downturn starting with next potential support near $290 then $283, a 50% retracement of the previous uptrend.
Yesterday the shares were trading near $320. Initial support could appear in the $306 to $308 range where a recent low converges with a 38% Fibonacci retracement, then the $300 round number. Should those areas fail to hold, it would signal a deeper downturn starting with next potential support near $290 then $283, a 50% retracement of the previous uptrend.