Stock of the day: Tesla

Today’s focus is on Tesla, which is currently trading at its lowest levels since the end of November. The stock has broken below a critical horizontal support level, marked with yellow around $375. Attempts to regain this level were unsuccessful, reinforcing the yellow resistance as a significant barrier to further upside.

As long as the price remains below this resistance, the sentiment remains bearish. The next potential target for Tesla is the red horizontal support near $270, signaling the possibility of a deeper decline if selling pressure continues.

A reversal and a sustained move back above the yellow resistance would cancel the bearish sentiment, indicating renewed buyer strength. However, a more definitive long-term buy signal would require a breakout above the blue downtrend line, though the chances of that happening soon appear limited based on current price action.

Traders should watch these key levels closely to gauge whether Tesla can find support or if further declines are on the horizon.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-tesla-19