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TESLA is Falling

  • Writer: Michael Pair
    Michael Pair
  • Apr 5, 2023
  • 1 min read

Last week I wrote about Tesla going higher. I could not have been more wrong. Since Friday, March 31, 2023, Tesla has done nothing but go down. Friday's closed at $207.46 and today's close (4/5/2023) was $185.51. That's a decrease of -10.77%, ouch. What caused the drop?

  1. The NASDAQ, S&P 500, and Russell have been declining for 2 of the last 3 days. So no broad market support.

  2. Profit taking at the $207 price level

  3. Tesla holders must not have liked the delivery report released of the past weekend.

All of this has made my previous prediction look bad.


Technically, the stock has first level support at $176 and second level support at $168. Let's see if these levels hold.



Thanks,


Mike



See the youtube video of this post.


 
 
 

1 Comment

Brandon Biddles
Brandon Biddles
Apr 06, 2023

This market has been very volatile and finnicky. The setup looked good and I was rooting for it to go higher. I have Tesla holdings and that would have been great for the portfolio. Great concise article!

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