The tumble in Tesla Inc.’s stock on Thursday has confirmed a bearish short-term “double-top” pattern, just like the one seven months ago that preceded the plunge at the end of 2022.
A “double top” depicts failure by bulls, as after a pullback from a fresh high the ensuing bounce isn’t able to re-establish the uptrend. If the next pullback falls below the previous pullback’s low, the failure is confirmed, and the outlook becomes bearish.
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