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Tesla- Testing key support after 100% rally, says Joe Friday

Tesla has been white hot this year, influencing the Nasdaq and broad markets in a positive way. The rally took Tesla to a key Fibonacci level of late, where it stopped on a dime and headed south fast.

Below looks at this key Fibonacci extension level and how it is testing another important level at weeks end below

CLICK ON CHART TO ENLARGE

The Power of the Pattern applied Fibonacci to the high in 2014 and the low in 2016 at each (1). The 161% extension level of these highs and lows at (1) came into play at the 387 level at (2), where TSLA stopped on a dime.

Joe Friday Just The Facts– Tesla is testing rising channel support at (3), after a 100% rally in less than a year. What it does at the rising support test at (3), should be very important for this hot stock and should influence tech and the broad market!

 

 

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