Tesla leans back on current support - Analysis - 17-07-2018

Tesla's stock (TSLA) fell in the intraday levels, marking a 2.75% loss compared to the previous close, or 8.77 points, and suffering from negative pressure from the 50-day SMA, while leaning back on the important support of 308.85, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 178.19 to 389.61). 

Therefore we expect more losses for the stock, especially if the support of 308.85 was breached, targeting the next support at 283.90, which represents the ratio 50% of the same retracement levels.