If TSLA actually has a significant pull back here are the levels I will be watching for a reversal. A break of 780.10 is the trigger for a potential drop. The first area of support would be 710/735. After that its all the way down to 650. Interestingly the long term 236 fib level lines up with 420. I'm not calling for a short as TSLA may bounce aggressively off the 800 level and head right back up, however it's always good to have a plan if the unthinkable happens.
Comment:
Getting a bit of a sell off here. 55sma providing support right now. If it loses the 55 a move to 740/710 possible
Comment:
Dropped sharply to the first level but has now dumped easily all the way down to the second level afterhours at 650. TSLA is looking very weak here. Obviously the BTC buy has spooked a lot of larger holders. If BTC does not catch a bid its possible for this to drop all the way back down to 420 b/c as I stated above a move to that level would only be a 236 fib correction of the longer term move. This is the down side of parabolic price action.
Comment:
The second zone held giving a nice 100+ point bounce. The black dotted line at 780 will likely act as resistance so careful adding or entering in that area.