Stock market: Tesla may turn down

Stock market: Tesla may turn down

Trade idea

SELL 286.50; TP1 279.40; TP2 272.00; SL 290.00

Tesla stock declined since the end of last year and got to the bottom of the range of 2018. Then a correction up took place. On W1, the price formed a bullish engulfing pattern and closed last week above 275.00 (200-week MA). However, the recovery ran to the downtrend resistance line around 292.60. The stock failed to close above the 50-day MA on Wednesday.

Given the fact that the company’s fundamentals are not great - Tesla has just announced that its sales in Q1 made the biggest drop in history - a pullback to the downside is very likely. In addition, there will be a federal hearing later today related to CEO Elon Musk's ongoing legal battle with the SEC. The agency is asking Federal Judge Alison Nathan to hold Musk in contempt of court over tweets posted in late February about Tesla’s production targets for 2019.  



Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera