FattAgain69
04-16

Support and resistance levels are subjective depending on how you draw the lines. 164 does not look like a strong support/resistance level no matter how I read the charts. Prefer to look at the 10s for support and resistance, aka 150, 160, 170 where the options strike prices are at.

Tesla Stock Breached Support. This Is Where It's Headed

Tesla stock closed below key a support level Monday, leaving investors wondering where shares are headed next into the company's key first-quarter earnings report.Tesla stock dropped 5.6% Monday, losing almost $10 and closing at $161.48 following news that Tesla would lay off more than 10% of its 140,000-strong workforce. The S&P 500 and Nasdaq Composite fell 1.2% and 1.8%, respectively.The drop Monday took Tesla below technical support levels at about $164 a share. Support and resistance are terms used by traders and technical analysts. They represent levels where investors have been willing to buy, or sell, stock in the past.Breaking through a support level leaves investors looking for the next level where declines might stop. Fairlead Strategies cofounder Katie Stockton said $148 a share represents another level of support.Stockton isn't making a fundamental call on the stock. She looks at stock charts to suss out where shares can go over the short- and medium-term. Moving averages,
Tesla Stock Breached Support. This Is Where It's Headed

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  • glitzy
    ·04-16
    I hear you on the subjectivity of support and resistance levels.
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  • blimpy
    ·04-16
    👍
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