After dropping out of the recent channel, Tesla has held its support at the 402-403 level. As long as the support line holds, remain neutral. Be prepared for it to break down past the support line in the case of another major sell off. I would recommend waiting before altering your position, or taking a position in this stock. The RSI could break out either way.
Agreed! We will see what the opening price is on Tuesday. In the case of a gap up I think it may hold support but where it goes from there is anyone’s guess. However, in the case of another market-wide sell off you would have no choice but to be bearish on TSLA. Thanks for the comment!
Im_Lp
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S&P really pushed it down in the after hours.We will see what next week holds. Really bearish right now and I see a lot of the short interest dying off.
Isaiahgr3
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@Im_Lp, thanks for the reply! I’m waiting until Tuesday to see if we gap up above the support line. If not, remain bearish!
Happy Labor Day!
Im_Lp
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@Isaiahgr3, Thanks for the reply! Happy labour day!