Tesla (TSLA) has been white hot this year, influencing the Nasdaq and broad markets in a positive way. The rally took Tesla to a key Fibonacci level of late, where it stopped on a dime and headed south fast.
Below looks at this key Fibonacci extension level and how it is testing another important level at weeks end below:
The Power of the Pattern applied Fibonacci to the high in 2014 and the low in 2016 at each (1). The 161% extension level of these highs and lows at (1) came into play at the 387 level at (2), where TSLA stopped on a dime.
Joe Friday Just The Facts– Tesla is testing rising channel support at (3), after a 100% rally in less than a year. What it does at the rising support test at (3), should be very important for this hot stock and should influence tech and the broad market!
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