Hello all. Looking at Tesla's (TSLA) stock on the weekly timeframe, we see that the price of the stock has briefly dipped below the $700.
This has marked an 8-month low, and the drop can just go on.
As we can see, TSLA broke below the white ascending support line, at $800, which provided support for the stoc since
August 20.
The price has also broke below the 50 EMA and the support level of the symmetrical triangle.
Unless the weekly candle closes above the $800 price range, above the 50 week EMA, and also gets back inside the symmetrical triangle, I expect further drop for the stock.
My price target for the drop is the $500 range right at the 200 week EMA. It is very common to retest the 200 EMA after a long run up and also the technicals point towards it.
Moreover, the Tesla stock can go as low as $270 which is the measured move target of the symmetrical triangle. that is another 65% drop from the current price point.
Thanks for reading, and stay tuned. Enjoy.
This has marked an 8-month low, and the drop can just go on.
As we can see, TSLA broke below the white ascending support line, at $800, which provided support for the stoc since
August 20.
The price has also broke below the 50 EMA and the support level of the symmetrical triangle.
Unless the weekly candle closes above the $800 price range, above the 50 week EMA, and also gets back inside the symmetrical triangle, I expect further drop for the stock.
My price target for the drop is the $500 range right at the 200 week EMA. It is very common to retest the 200 EMA after a long run up and also the technicals point towards it.
Moreover, the Tesla stock can go as low as $270 which is the measured move target of the symmetrical triangle. that is another 65% drop from the current price point.
Thanks for reading, and stay tuned. Enjoy.