Tesla Motors Inc (TSLA) Stock Suddenly Pops Against the Grain

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Tesla Motors Inc (NASDAQ:TSLA) just threw traders for a loop on Monday, pulling off a sudden reversal starting shortly before noon that took TSLA stock from a little less than 3% in the red to as much as 2% in the black.

The move was especially surprising given that, at least as of this writing, there were no news reports on TSLA that would’ve served as a catalyst for the move. The broader market wasn’t leading the comeback, either, with the S&P 500 tracking losses of between 1.5% and 2% for most of the day.

Technically speaking, there’s a little to the $190 mark that Tesla shares bounced at, but not much. The $190 area serves as the 38.2% Fibonnaci retracement line from the February trough through April’s peak. Shares also paused at this level both before diving into that February trench, as well as on their way out in early March.

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From here, there’s a ton of resistance looming … but TSLA would enjoy another 12% to 15% of upside if it somehow managed to reach it. Tesla’s 20-, 50- and 200-day moving averages are all bunched up around $219 to $222.

However, given that the Relative Strength Index (RSI) still is low and bordering (but not dipping past) oversold levels, it looks like it’s going to take a little bit of news to help this turn into more than just a quick technical bounce.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/06/tesla-motors-inc-tsla-stock-pops/.

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