Dexter_The_Trader

TESLA: CAN THIS EVEN BE POSSIBLE?

NASDAQ:TSLA   Tesla
Hello traders, today let's talk about Tesla.

Since Mr. Elon Musk bought Twitter, Tesla's stock has been dropping pretty badly. Percentage-wise, Tesla is down by -50%+ and still counting. Till early December, Tesla's stock was close to $200 and now the price is almost half.

In this weekly chart, Tesla is trying to hold this support 1 level ($112). A bounce back from this level could possibly mean, Tesla, going back to $190 to $200 and then a dropdown toward $60 (support 2). The RSI is at the oversold area which indicates a bounce back. All I fear is, in a long run, Tesla stock might drop down toward $60 or even $40.

For now, $112 looks like good support.

What's your view on this? Do let me know in the comments.

Trade safely.

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