Technical Update - Tesla rebound could be cut short
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Tesla broke bout of its falling channel in a correction that could take the share strong resistance area around 900. However, with cost and workforce cut announced Tesla is down 3% pre-market i.e. trading around 751 (blue dashed line).
If Tesla closes below yesterday’s low at 726 selling could intensify pushing the share price below key support at around 700.
RSI showing negative sentiment with no divergence indicating lower levels are quite likely.
Weekly chart shows that Tesla is in a falling trend trading in a quite wide declining range.
RSI showing negative sentiment and no divergence supporting the bearish outlook that could take the share price to test the support at around 540.
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