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Tesla Inc (TSLA) Goes In Reverse, Watch This Trade Level

Tesla Inc (TSLA) has been one of the biggest winners in 2020. The stock peaked out on September 1st, 2020 at $502.49 a share. Since that high pivot, the shares have plunged and are now trading around $356.00 a share. Currently, the stock is now trading down near it’s 50-day moving average which is around the $330.00 level. While the 50-day moving average is usually solid support when initially tested it will become a minor support level if price consolidates above the level.

A break below the important 50-day moving average will indicate near term weakness for TSLA shares. The next key support area would be around the $275.00 level. This is where the stock has a gap fill from August 11, 2020. Generally, gap fills will serve as very good support when tested. This key support area is also where the stock reversed a bearish pattern and broke out to new highs. I’ll be watching TSLA stock closely for a long side trade around this major support area.

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