Tesla builds bearish momentum towards key support at $193.56

• Tesla's fall makes for its largest single-day drop in Jan 30.
• Price action honing in on likely support at $193.56

Elon Musk's EV company is trading close to the $194.33 level today, after ending Friday at $207.46 and dropping 6.33%.

Tesla hit a significant low of $108.1 around 2 months ago, but has since recovered 91.91%.

A study of Tesla's chart reveals various key levels to watch: Tesla could begin to recover as it approaches significant support, now 77 cents away from $193.56. Dipping below could be an indication that further losses are ahead.

Fundamental indicators – United States ISM Manufacturing PMI (Mar) released today at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7.

Tesla's stock value drop coincides with after closing the previous session (Friday) at $102.18, Alibaba lost $3.95 and is trading around $98.23. Amazon is down to $101.85, losing 1.39%, after ending Friday at $103.29.

Positive performances can be seen by looking at other consumer discretionary stocks as McDonald's is up 0.79%.

Upcoming fundamentals: United States JOLTs Job Openings (Feb) scheduled to come out tomorrow at 14:00 UTC.