Tesla Motors Back Under $200

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

Tesla Motors Inc TSLA shares were trading lower by $5.70 (3 percent) at $197.64 in Monday's session. It is back trading under $200 for the first time since February 12, when it bottomed at $193.28 after it released worse than expected Q4 EPS ($0.13) vs. $0.31 estimates on lower revenue ($1.10 billion vs. $1.23 billion).

After reaching that depressed level on the February 12, it rallied to close at $202.88, continued before peaking on February 23 at $218.20, but closed near its lows for the session at $207.34.

Since that time, it had drifted lower and appeared to find support at the $202.50 level, where it put in three consecutive lows between $202.22 and $202.80. After finding resistance at Friday's close ($203.34), it breached that area reaching $197.05 so far in today's session and attempting to rebound.

Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPre-market outlook
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