TSLA appears to be topping on the weekly chart. The weekly RSI, Stochastics and MACD are all sloping down following Monday's sharp 8% plus move lower. I'm expecting up to a few more sessions of slight gains as a few ardent buyers continue buying on pullbacks, with a resumption to the downside continuing by early to mid next week. My first key downside target from here is defined by the more steeply upward support line (of the two that I've drawn), followed by the 2nd more prominent, longer term support line. The round $250 figure is also likely to provide a bit of support. View stks.co/b11NE for today's multiple timeframe analysis on this as well as other markets.
It looks to me that Tesla is holding the top, not breaking down
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TSLA's certainly been a strong momentum play, but the risk:reward's probably better on the short side over the next few weeks to months with US QE coming to an end supposedly in October. The initial bounce off of the steeper of the two support lines I drew appeared to be a positive for bulls initially, but with yesterday's continued downwards pressure I'd expect the steeper support line to be retested early this coming week.