Tesla relinquishes gains - Analysis - 18-10-2018

Tesla's stock hit an intraday high at 265.80, bouncing off it lower and turning the gains into losses, while settling below the resistance of 283.90, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 178.19 to 389.61), recording a loss of 1.74% in the last session, or 4.81 points, with negative pressure from the 50-day SMA. 

Therefore we expect more losses for the stock, as long as the resistance of 283.90 holds on, targeting the next support at 258.95, which represents the ratio 50% of the same retracement levels. 

Expected trend for today: Bearish