Tesla stock isn't looking bullish, especially when you consider this complete week of red (all five trading days in the negative) happened during a positive week for stocks in general - with all the major indices rebounding. What to make of a stock going in the opposite direction of the market?
Tesla is sitting right on a major support line - 220 and how the stock behaves at this level will tell a lot about whether it's the bulls or the bears in control. Based on the chart, this stock looks as if it wants to go lower. Having five down days on a market up week doesn't bode well.
I wouldn't be a buyer here. The weakness is likely to continue in the short term.
Short term rating = HOLD
Long term rating = HOLD
Tesla is sitting right on a major support line - 220 and how the stock behaves at this level will tell a lot about whether it's the bulls or the bears in control. Based on the chart, this stock looks as if it wants to go lower. Having five down days on a market up week doesn't bode well.
I wouldn't be a buyer here. The weakness is likely to continue in the short term.
Short term rating = HOLD
Long term rating = HOLD