The ride down in Tesla (TSLA) has been great, and I won’t rule out that it may have more room to go, but at this point, the easy money has been made.
I’d cover any short exposure you may have in the stock as the head and shoulders pattern has reached beyond its traditional target.
It’s definitely due for a bounce as we are seeing today, but how high it could bounce is anyone’s guess. I’ve noticed though there is some strong support/resistance at the 20-day moving average which is where I see a bounce in TSLA likely going to.
Here’s the TSLA technical analysis:
