Tesla Motors Attempting To Stabilize After Friday's Technical Breakdown

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Tesla Motors TSLA shares are trading lower by $2.07 at $182.93 in Monday's session. The issue, which breached a very significant support level on Friday has been unable to reclaim the crucial support level. The issue, which peaked in September at $291.42 had declined to $185.00 in January and rebounded into the $200 handle on several occasions. One of the rallies into this area was instigated by a tweet from the companies CEO Elon Musk, "to end range anxiety" provided a temporary boost for the issue that quickly faded. On Friday, the issue breached $185.00, which has stood as its lowest level since making its all time high, declining to $181.40 before rebounding to close at $185.00. After nearly $1.00 follow through in today's session to $185.90, sellers flooded the issue before finding intraday support just ahead of Friday's low ($181.40), reaching $181.80 before rebounding and is attempting to remain in the $183 handle. i