TESLA INC. (NASDAQ:TSLA): UPDATE - Tesla stock's downtrend is still intact / Sell $TSLA/Buy $BYDDF

 



Tesla stock is under selling pressure after BYD announced on Tuesday that the company will offer its free automated driver assistance system (ADAS) in China on their 21 models. It looks like the smart money is moving out of $TSLA into BYD (OTCPK:BYDDF). BYD stock has already been up 46.27% YTD while $TSLA is down 16.44%.

From a technical viewpoint, Tesla stock's downtrend is still intact with the price target of $288.39 after a descending triangle chart pattern breakdown on February 5. Keep an eye on the trendline support ~ $314. A breakdown could mean that Tesla stock's post election surge has completely evaporated.

This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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