$TSLA We are initiating a short swing position on Tesla as it has violated the 20MA with a decisive bearish candlestick pattern. Additionally, it has breached my predefined support level, which has now transformed into a fresh resistance area. My profit target is set near the 50% Fibonacci retracement level for a modest gain. I will closely monitor how Tesla's price interacts with these Fibonacci levels and our new resistance zone, while acknowledging that the stock maintains a robust uptrend as indicated by the 200MA.
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