TESLA INC. (NASDAQ:TSLA): Tesla stock tumbles after report shows Tesla February EV sales in China took a 49% nosedive

 


Tesla stock broke the downtrend channel to the downside after CnEVPost reported on Wednesday that Tesla sold only 30,688 EVs in February in China, down 49% Y-O-Y. The stock is now retesting the trendline support at ~ $260 and could bounce off from here. If the bulls are unable to take the stock higher above the psychological $1T resistance level, the bearish "lower-lows" chart pattern will resume. Beware that the "head-and-shoulders" chart pattern, with the price target of $194.81, is now confirmed.

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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