Tesla resumes decline - Analysis - 11-10-2018

Tesla's stock returned lower with a 2.25% loss in the last session, or 5.92 points, settling below 258.95, representing the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 178.19 to 389.61), with 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 258.95, targeting the next support at 228.09, which represents the ratio 76.4% of the same retracement levels. 

Expected trend for today: Bearish