: Tesla stock extends slide below another key Fibonacci level, dips into January’s gap support zone
Shares of Tesla Inc. TSLA slid 3.2% in midday trading Wednesday, to decisively break below a key Fibonacci retracement level (Fibo). After last Thursday’s post-earnings selloff took the electric vehicle maker’s stock below the 38.2% retracement level, the stock had been testing support at the 50% retracement level ($161.17) of the rally off the Jan. 3 low of $108.10 to the Feb. 14 peak of $214.24. It traded below the 50% Fibo intraday a couple times but closed above that level during the first few tests of support, until it closed at $160.67 on Tuesday. Wednesday’s selloff, after a downgrade at Jefferies, confirms the break of support. The next Fibo is the 61.8% retracement at $148.65. That level sits within another potential support zone, at the gap in the charts between the Jan. 25 intraday high of $146.41 and the Jan. 26 intraday low of $154.76. The stock has dipped into that support zone Wednesday, as the intraday low has so far been $153.21, but has pared losses to trade back above the zone. The stock has lost 3.0% over the past three months, while the S&P 500 has edged up 0.6%.
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