Tesla (NASDAQ:TSLA) is experiencing heavy selling pressure after reporting earnings, falling by $24.51 to $296.65 a share – close to an eight percent decline. Many traders and investors are now wondering where the next major support level will be for the highly popular electric vehicle car maker.
Next Support
Tesla is trading below its daily chart 200-day moving average, a negative chart position that should signal further downside in the near term. The next major support level for TSLA is around the $275, which will be the back-test area from a prior breakout in March 2017. Traders should remember that past breakout levels are usually strong support when they are revisited. I'll be trading Tesla when it hits its support.