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Yesterday the stock of the electric car maker plunged more than 7%. Is this the beginning of the end for Elon Musk's company?
Report shows that its corporate bonds are also plunging in price. This may spark out a worry among many of its investors.
The above chart shows the daily chart of TSLA. It broke below daily support 2 days ago and yesterday it had a big gap down. However, do note the heavy volume that often accompanies panic selling.
A climactic volume can often hint to a reversal in the stock because too much selling irrationally might cause a stock to bounce back up.
The stock is now below its 200 MA, 50 MA and 20 MA. Not a very good sign if you are looking for a nice trending up stock.
While it plunged in the daily stock chart, a look at the weekly chart tells us that Tesla is dropping to a long term area of support. The stock is also sitting at the weekly 200 MA.
So, you can be certain that some investors will be thinking whether they should buy more of the stock at this area.
Jan 18, 21 10:34 AM
New chart lesson for the 3rd week of January 2021. Hope you can benefit from this.
Jan 04, 21 11:30 AM
In this week's chart lessons, we will have a look at bitcoin and other charts.
Dec 29, 20 07:47 AM
We should continue to be bullish on the S&P 500 as a weekly bottoming tail forms in this uptrend.
Dec 22, 20 09:27 AM
The SPX is still in a nice bullish uptrend, with it staying above the rising 20 MA and 50 MA.
Dec 15, 20 09:53 AM
December 14 2020 will go down in history as one of those moments where 2 sets of electors emerge for swing states in the US Presidential Election.