FXAutomate

TESLA: Possible Areas of Value (From a Technical PoV)

Short
NASDAQ:TSLA   Tesla
Since TSLA announced their stock sale at the very exuberant top (Reminiscent of the BTC 20k run) we have seen the share rapidly selling-off looking for areas of value. Here is a brief overview of the relevant technical levels to watch. The first important level of support is the 330 level which is not only major diagonal support but also major horizontal and MA support, with this being the 4H 100SMA level and also the Daily 50SMA level. This is also the 78.6 Fibonacci retracement level when drawn from the start of the last rally @ 275. If this level is broken (which the pre-market price suggests) we will likely test last months pivot level at 285. This will be followed by the Daily 100SMA around 260 and then the area between 200 and 230. All of these levels could find some initial support with pullbacks along the way, but generally I think we are heading closer to the 200 level.

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