Update on our Elliott wave analysis on Tesla stock.

In our last analysis about the Tesla stock using Elliott wave theory, we noted the bearish potential of the price of the company’s stock. Price as expected since our last analysis, has moved lower towards the key trend line support and broke below it.

Red line -support (broken)

Tesla stock price is vulnerable to a move lower. Price has started making lower lows and lower highs. Next support is found at the low of wave B around $590.75. Breaking below this level will increase chances of the bearish scenario and a decline towards $430. Bulls need to recapture the $753 level in order to diminish the bear’s chances. Until then I see trend under bears control.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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