TESLA INC: MURRAY ANALYSIS

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TESLA INC: MURRAY ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL STOP
Entry Point239.40
Take Profit218.75, 250.00
Stop Loss255.30
Key Levels250.00, 218.75, 250.00, 264.00, 181.25, 312.50
Alternative scenario
RecommendationBUY STOP
Entry Point264.00
Take Profit181.25, 312.50
Stop Loss251.50
Key Levels250.00, 218.75, 250.00, 264.00, 181.25, 312.50

Current trend

Shares of Tesla Inc., the world's leading manufacturer of electric cars, have continued to decline since the second half of last month, correcting against the mid-term upward trend.

During this time, the price reversed in the upper zone and returned to the main trading range, breaking the 250.00 mark (Murray level [8/8]). Further targets for the decline may be 218.75 (Murray level [7/8]) and 187.50 (Murray level [6/8]). If the level of 250.00 is broken out again, as well as the middle line of the Bollinger Bands (264.00), the quotes will be able to reach the area of 312.50 (Murray level [ 2/8]).

Technical indicators point out the continuation of a short-term downward trend: the Bollinger Bands and the Stochastic are directed downwards, the MACD histogram increases in the negative zone.   

Support and resistance

Resistance levels: 250.00, 264.00, 181.25, 312.50.

Support levels: 218.75, 250.00.

TESLA INC: MURRAY ANALYSIS

Trading tips

Short positions can be opened from 239.40 with targets at 218.75, 250.00 and stop-loss at 255.30. Implementation period: 5-7 days.

Long positions can be opened above 264.00 with targets at 181.25, 312.50 and stop-loss at 251.50.

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