TSLA rocketed up reaching a high of $502 on 9/1/20 giving Tesla a market cap of roughly 470B. Pullback in part due to general market cooling off and also due to TSLA being left out of the S&P500. Notice the trend line up - red line. Notice the counter trend lines - red lines. Notice the support/resistance levels - blue lines.
There is strong resistance at roughly $300 (really b/w $285 - $325). $300 is also an even psychological resistance/support level.
I expect TSLA will head towards $300, find support, and when the chart crosses the countertrend line it should push back up. Notice that TSLA remains above the SMA 50 (thick orange line) and is still in the "buy zone". If it does break support level and falls below the SMA 50, then it would enter the "sell zone".
This was spot on last time for $100 run up. Same support level now at $325. Held support today after sell off at $380, but after market dipped to break that support to $368. If this sucker drops back down towards $330, I’d look to buy again (for another easy and FAST $100 run up. The market is so lame for punishing TSLA after “battery day” presentation. I watched the whole thing and it is some groundbreaking stuff. Market punishing TSLA for revenue impact being a few years away, but that’s so lame. I thought the market was supposed to be forward looking?!?!?!?