Today’s instrument is the Tesla Inc. stock traded in the Nasdaq exchange under the ticker TSLA.
When we look at the TSLA’s chart, we can see that the company’s downward trend continue since its all-time high in late November. There was an attempt to climb higher earlier this week but after topping at $1070 on the December 9th session, there was news reporting that Musk sold more Tesla stock leading to an unfavorable reaction in the market. Since then, it fell below the $1020, but today premarket there was another 6% drop, with TSLA attempting to hold on to the $966 where it was last found trading.
Today, we could expect a pattern continuation and a fall below the $955 temporary support level.
If it manages to hold above the current level, we can expect a move towards $985 and possibly the resistance of $1020.
(Click on image to enlarge)
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