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Fan Yang

Tesla Inc. (TSLA) Tags $200 after Sharp Slide; $178 is Key Support For Now

When Tesla $TSLA fell below a common support at $245, I noted that there would be downside to $200. 

Tesla Inc. (TSLA) Finally Completes Price Top; $200 In Sight

The trifecta of general risk aversion, the broken technical support, and continuing negative press pulled TSLA sharply towards $200, which was hit during the 5/20 session.

Tesla in ‘Code Red Situation’ as Sell-Off Exceeds 20%

TSLA Weekly Chart

(click to enlarge)

Support:
- There were some support here at $200, a psychological level.
- However, the $175-$180 area would be a more likely support as it was a common support from 2014 through 2016.
- Even then, it will be tough to call a bullish target. We might see a period of consolidation, but the outlook is still bearish outside of a dead-cat-bounce.
- I would anticipate continuing downside, or at least a long period of sideways consolidation without much upside, maybe around $200. 
- Tesla will need some significant structural changes before any support can be reliable.

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