Thursday, November 02, 2017 11:58:03 AM
This morning, leading EV auto manufacturer, Tesla, Inc. (NASDAQ:TSLA), is coming under heavy selling pressure after reporting earnings. The stock is falling lower by $24.51 to $296.65 a share. Today's drop is almost an eight percent decline in the share price. Many traders and investors are now wondering where the next major support level will be for the highly popular EV car maker.
Right off the bat, TSLA stock is now trading below its daily chart 200-day moving average. This is a negative chart position and should signal further downside in the near term. The next major support level for TSLA stock will be around the $275.00 level. This will be the back-test area from a prior breakout in March 2017. Traders should always remember that past breakout levels are usually strong support when they are revisited. Keep this stock on the radar as I will be trading it when it hits my level.
Nicholas Santiago
InTheMomeyStocks
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