Tesla resumes decline - Analysis - 23-04-2018

Tesla's stock (TSLA) returned lower in the intraday levels, recording a loss of 3.28% in the last session, or 9.84 points, amid negative pressure from the 50-day SMA, with negative signals from the RSI after reaching extremely overbought levels compared to the stock's movements, while the stock settled below the resistance of 308.85, representing 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, as long as the resistance of 308.85 holds on, targeting the support of 258.95, which represents the ratio 61.8% of the same retracement levels.