TESLA INC. (NASDAQ:TSLA): Tesla stock bounces off the trendline support after Trump promised to buy a Tesla to show support for Elon Musk's EV company

 



Tesla stock bounced off the trendline support on Tuesday after Trump endorsed Tesla EVs at a gathering on the White House driveway. Hours later, Yahoo Finance reported that Elon Musk was considering a $100 million donation to a super PAC associated with Donald Trump. Yahoo Finance also reported today that Tesla U.S. registrations fell 11% in January.

Tesla stock is now stuck between a "weak" trendline support and the 600-day EMA. Beware of the bearish crossover between the 50-day and 100-day EMAs. The stock suffered from an avalanche breakdown after the stock broke the shoulder of the "head-and-shoulders" chart pattern at the end of February, with the price target of $194.81. Coincidentally, a 60% pullback from its high is $195.42.

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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