Story unfolds beautifully.
Only yesterday (post titled “Tesla (TSLA) to $800?“) was TSLA a candidate to kiss $800 and the long term support lines. Today it did it:
A zoom in view:
While the 227 day SMA (bars/candles) bodies support line is still intact, we can see that the 234 day SMA wicks support line was very slightly breached (0.09%) while doing its job of holding the huge TSLA falling weight. Support and resistance are concepts of art rather than a science, and these should be seen as areas (ranges) and not as specific prices down to the cent.
With today’s close a new wicks support line was nominated moving forward – the 239 day SMA:
