The stock market is all over the place right now.
Much of that is due to heavy rotation. Mag 7 names have fallen back with the Tech sector and other sectors have picked up some of the slack.
One of the names that has taken a break is Tesla (NASDAQ: TSLA). Shares have fallen from $498 back to the $400 level, near a critical price support area.
This area is even more important because shares have spent 6 months chopping between $385 and $500, so a drop would point to an intermediate top (if $385 is lost).
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$TSLA Tesla Stock Price Chart
Pretty simple. Easy to see the potential top IF support is lost. Stay tuned!
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
