Bearish DailyPlay for Tuesday April 10th, 2018 – Tesla (TSLA)
The bearish DailyPlay we chose for Tuesday, April 10th is Tesla (TSLA). TSLA is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 4.00% move lower and its 1m and 6m trend have turned bearish on 3/19 while breaking below its $104 support level which now becomes resistance.
Tesla’s 1m and 6m trends turned bearish on 3/14 and recently bounced lower off its $300 resistance level. With a technical score of 3 (out of 10), TSLA is a weak stock that will likely trend lower.
As a stop loss, if TSLA was to trade above $300 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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