Tesla Call Levels Centered Right Around $220

The majority of stocks are off to a rough start in 2016, and Tesla Motors Inc TSLA is no exception.

But how badly has Tesla’s 12.8 percent drop so far in January impacted the stocks technical outlook?


According to data from Call Level, traders now have the most Tesla notifications set for around the $220 level, near the center of the stock’s trading range over the past six months.


In terms of support, the bounce off of the recent lows of $193.38 is nearly the same level ($195.00) that the stock bounced during its flash crash lows in August, indicating that this level could serve as strong support moving forward.

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However, a breakdown below $193 would likely be a sign that the stock is headed to re-test the $177-182 range where it found support in spring of 2014 and spring of 2015.

As far as resistance levels, the downward-sloping resistance line that has been in place since mid-2015 has now reached as low as $240, while the stock’s double top in the $286-$292 range is also major long-term resistance.

Disclosure: the author holds no position in the stocks mentioned.