Tesla's credibility and market value take a hit as stock plummets.
Tesla's stock has confirmed a bearish short-term "double-top" pattern, indicating failure by bulls, as the ensuing bounce isn't able to re-establish the uptrend. The stock's Relative Strength Index (RSI) was also showing a similar pattern of lower highs while the stock was seeing higher lows, suggesting momentum was starting to swing to the bears. The stock's selloff on Thursday has reached the next key Fibonacci retracement level, which could provide some short-term support for a bounce. The next two key retracement levels are 50.0% and 61.8%, and if a decline surpasses the 61.8% retracement level, fresh lows may be on the horizon.