Tesla pares losses - Analysis - 20-07-2018

Tesla's stock (TSLA) fell in the intraday levels, leaning thereafter on the support of 317.10, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 389.61 to 244.59), and coinciding with leaning on the 50-day SMA support, bouncing off it higher and paring the losses, marking a 1.12% dip by the close, or 3.62 points, with positive signals from the RSI. 

Therefore we expect the stock to return higher, as long as the support of 317.10 holds on, targeting the resistance of 334.21, which represents the ratio 61.8% of the same retracement levels.