$TSLA – Chart Pattern and Levels to Watch out!
$TSLA broke out downside of the triangle pattern on 4 hrs chart around 290 level yesterday as shown below. Today, it bounced back and touched 290 level once again in premarket before selloff accelerate with overall market selloff.
Critical levels to watch out for $TSLA in upcoming days – $TSLA dropped to the 50 & 200 emas and recovered today at close. If this can recover with market, then next levels to watch out – $282, $285, $290 on upside resistance. If this fails to hold $278 support, then next support levels would be $271, $266, $256.
As per Triangle breakout pattern, TSLA can test all the above downside targets if $SPY continue to move downward direction in coming days. The triangle breakout on downside would be failed if TSLA reaches 290+.
Good Luck! Trade with discipline.