Tesla founder Musk made negative headlines today, saying he has a “super bad feeling” about the overall economic situation and even expects to lay off up to 10% of Tesla’s workforce. As a result, the share temporarily lost 7% of its value today. How should we assess the chart situation?
After the downward trend line in the daily chart could be overcome recently, it is understandably going in the opposite direction again today. The trend line currently acts as a short-term support (pullback) and could stabilize the value here again soon and initiate a second recovery wave towards USD 800 to 850. At the latest, however, this would initially lead to renewed interest in selling for technical reasons.
Only a daily close above USD 850 to 875 eases the chart situation significantly, until then, the downside risks dominate.