Tesla Stock Making Dangerous Descent Amid Trading Volatility, Expert Warns
Portfolio Pulse from Benzinga Neuro
Tesla Inc.'s (NASDAQ:TSLA) stock is nearing crucial support levels, indicating potential trading turbulence. The stock recently ascended close to $280 per share, but is now descending. Market technician Frank Cappelleri expressed concern about the stock potentially breaching the steep upward trendline. Tesla shares, which surged from around $220 to $280, are now on the verge of dipping below $260. If this happens, the $240 mark could be next. The recent weakness isn't associated with the company's performance, but rather the market correction phase.
September 22, 2023 | 6:32 am
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Tesla's stock is nearing crucial support levels, indicating potential trading turbulence. The stock, which recently ascended close to $280, is now descending. If it dips below $260, the $240 mark could be next.
The stock's recent ascent to close to $280 per share and its potential descent indicates a high level of volatility. Market technician Frank Cappelleri's concern about the stock potentially breaching the steep upward trendline and the possibility of it dipping below $260 further supports the negative short-term impact on the stock.
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