Shares of Tesla Inc. (TSLA) have been weakening since early September. We now are dealing with the split-adjusted prices and charts. I have noticed a lot of "hand ringing" on Twitter (TWTR) in recent days so let's check on two charts.
In the daily Japanese candlestick chart of TSLA, below, we can see that the shares sold off quickly in early September to retest the rising 50-day moving average line. Prices bounced but stalled in the $450 area and then turned lower again. The shares are making another test of the rising 50-day line Thursday morning and could even close below it today. A close above or below a moving average line can be a buy or a sell signal but I find the slope of the moving average line is more important. The slope of TSLA's 50-day average has not turned negative but it is cresting.
The On-Balance-Volume (OBV) line has been mostly level this month suggesting that for now buyers and sellers are in balance. The Moving Average Convergence Divergence (MACD) crossed to the downside back in early September and is making its way down toward the zero line.