Tesla (TSLA) shares have seen substantial volatility recently, experiencing a sharp decline, notably falling over 14% on Thursday alone. This significant drop erased approximately $152 billion from the company’s market capitalization, marking an intense sell-off session highlighted by record-setting options trading volume.
Critical Support Zone:
This region has historically acted as a robust demand zone, presenting potential buying opportunities if the support holds.
Ascending Channel:
The current pullback aligns with the lower boundary of this channel, suggesting a possible rebound or at least a short-term consolidation at these levels.
$300 is a psychological round-number level that previously served as a pivotal zone for buyers and sellers.
Bullish Scenario:
Continuation above $300 would strengthen bullish confidence and potentially drive the stock towards recent highs near $311-$314. If prices crosses up that resistance zone, then, with a bit of patience, $330 is later open for business
A decisive break and sustained close below the $274 support could signal deeper bearish pressure. That would be a breakout down and activation of the bear flag shown in the above stock price chart.
Trading Considerations for TSLA stock investors and traders:
As always, maintain prudent risk management, closely monitor price confirmations, and be mindful of volatility spikes, especially following major moves such as Thursday’s sell-off.
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This article was written by Itai Levitan at www.forexlive.com. Read More Details
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