Tesla is giving up more than 4% today as the selloff in technology continues with Nasdaq down almost 1.70%. The S&P 500 is down 1% at 4529 while Dow Jones is 0.60% lower at 34412.
Tesla is trading at the lowest level since November 16, while is the third day in a row that the stock is trading with loss. The RSI is trading at 45.67 the lowest level since mid-September. The trading volume is below the average in the last three trading days.
Tesla (TSLA) Targets the 982 Level
The first support for Tesla stock is at 982 the 50-day moving average. It is also the level that supported the stock on November 10 and November 15.
A break below will have very negative implications for the stock as bears will take control and more sellers are expected to step in targeting the 100-day moving average at 844.
What can cancel the bearish momentum that sketched the last three days is a close above yesterday’s high at 1113. The next level to watch on the upside stands at 1178 the top from November 23. A penetration of that resistance could drive the price to all-time highs for the stock at 1243.
You can find what the analysts price target is for Tesla here.
Stock markets are under selling pressure today after a strong jobs report released earlier today. Analysts estimate that Fed will speed up the tapering process and will also proceed with the interest rates increase sooner in next year.
