Thanks to a massive market pullback, Tesla (TSLA) gapped from about $250 to a recent low of $192.67. Not only is it now at strong support, but it’s also over-extended on RSI, MACD and Williams’ %R. From its last traded price of $190.25, I’d like to see an initial gap refill at $209.
Helping, analysts at Morgan Stanley named TSLA a top pick in the auto sector. With an overweight rating and a price target of $310 on the stock, the firm noted TSLA may be “cornering the market on ZEV (zero-emission vehicle) credits and has seen increased contribution from recurring services revenue.”