Tesla's Broken "Triangle" Warns of More Stock-Selling Pressure
EV giant's stock approaches wide chart zone with multiple bullish support points. Tesla Inc.'s stock has sliced through the bottom of a "triangle" consolidation chart pattern, and investors are worried about further weakness.But with the electric vehicle giant's stock already suffering its biggest two-day drop in two years following a disappointing earnings report, it has approached an important chart zone with multiple support points, that should at the very least slow the slide, if not stop it.The recent consolidation pattern in question is referred to as a symmetrical triangle, as a declining trendline defined the top of the pattern and a rising trendline traded out the bottom, with both trendlines following very similar angles toward a future meeting point.Consolidations shaped as symmetrical triangles are often viewed as continuation patterns, because more often than not they are resolved in the direction of the trend that preceded them. In Tesla's case, the stock has rocketed 91
