Tesla breaches important support - Analysis - 05-09-2018

Tesla's stock fell in the intraday levels, breaching the important support of 294.66, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 141.05 to 389.61), recording thereafter a new loss of 4.21% in the last session, or 12.71 points, amid negative pressure from the 50-day SMA, coupled with negative signals from the RSI. 

Therefore we expect more losses for the stock, as long as it settles below 294.66, targeting the next support at 265.33, which represents the ratio 50% of the same retracement levels. 

Expected trend for today: Bearish