Tesla stock was down 2.2% at $246.76 in early trading Friday, while the S&P 500 and Dow Jones Industrial Average were down about 0.2% and 0.3%, respectively. Stock indexes were volatile after China announced 125% tariffs on U.S. goods.

The direct impact of Chinese tariffs on Tesla is small, but it has stopped taking orders for the Model S and X on its Chinese website. Those are imported vehicles. Tesla would have to cut prices by roughly 45% to keep the retail price to a Chinese car buyer flat. That's a recipe for Tesla to lose tens of thousands of dollars per car.

Tesla, however, only sold about 13,000 Model S, X, and Cybertruck vehicles globally in the first quarter. That's about 4% of total sales.

The early Friday move is small. Coming into Friday trading, shares of the electric-vehicle maker, led by CEO Elon Musk, have ranged from $214.25 to $274.69 for the week, or down 11% to up 15% from current levels. The roughly $60 difference works out to almost $200 billion in stock market value. At Thursday's closing level of $252.40, Tesla stock was up 5% for the week after dropping 9% the week prior. All of those declines came after President Donald Trump announced broad global tariffs on April 2.

It's been quite a few days. Tariff news, a social media battle between Trump advisors Musk and Peter Navarro, and sales data contributed to this week's volatility.

President Donald Trump on Wednesday paused implementing import tariffs on some nations, but 25% levies on cars and, eventually, car parts remained. Musk called Navarro a moron after he was critical of Tesla's manufacturing prowess. As for sales, Cox Automotive released its first-quarter EV report on Thursday. Americans bought about 294,000 EVs in the first quarter, up 10.6% year over year. Tesla sold about 128,000, down 8.6%. Tesla's market share fell nine percentage points.

While that was going on, investors have been enduring huge stock swings. They should remember that stock market volatility cuts both ways, said CappThesis founder and market technician Frank Cappelleri. If a stock goes up 23% one day, like Tesla shares did on Wednesday, then a 7% drop the next day isn't all that surprising.

Cappelleri doesn't have a fundamental call on Tesla stock. He uses stock charts and market history to understand where investors have bought and sold stocks in the past.

As for Tesla's stock charts, Cappelleri believes it is important for shares to stay above $210. Tesla stock has support between $210 and $220, where investors have stepped in to buy dips. Fairlead Strategies analyst Will Tamplin agrees. He puts support closer to $220.

Investors can watch that level. Below that, there may be some additional pain ahead. Coming into Friday trading, Tesla stock was down about 38% so far this year.

Market technicians can always help investors understand what's going on. In this market environment, investors should take all the help they can get.