Short-term technical view on TSLA stock.

TSLA stock price fell substantially from its all time highs around $1,242 towards $1,000. After the turmoil from Elon Musk's tweet, we warned traders that we are now neutral if not bearish TSLA stock, because there are high chances of a pull back at least towards $1,000-$970 price level.

Price has already reached our target area and bounced. Price has almost touched the 38% Fibonacci retracement of the entire upward move. This was our target. Price made a low around $987. Price bounced towards $1,102 and is now at $1,032. Failure to hold above $987 will be a sign of further weakness to be expected. A break above $1,102 will open the way for a move towards $1,177 first and secondly towards $1,207.The material has been provided by InstaForex Company - www.instaforex.com