Tesla relinquishes gains - Analysis - 21-09-2018

Tesla's stock marked an intraday high at 305.98, before bouncing off it lower and turning the gains into losses before the close, recording thereafter a loss of 0.23% in the last session, or 0.69 points, with negative pressure from the 50-day SMA, while the RSI reached overbought levels compared to the stock's movements. 

Therefore we expect more losses for the stock, especially if it settled back below 294.66, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 141.05 to 389.61), targeting the support of 265.33, which represents the ratio 50%. 

Expected trend for today: Bearish