Technical Analysis – Tesla bulls speed up towards January’s blocks



Tesla’s stock has finally claimed the tough resistance of 720.00 but another hurdle popped up around the 777.00 level on Wednesday. The area coincides with January’s swing low and the 23.6% Fibonacci retracement of the 432.83 – 899.98 rally; therefore it could be a tough obstacle to overcome.

Nevertheless, neither the RSI nor the Stochastics have confirmed overbought conditions, and with the price having jumped above the Ichimoku cloud, the bulls may not easily abandon the game. If they successfully drive above 777.00, the 817.00 barrier could immediately press upside movements as it did during the first months of the year. The next battle could develop within the crucial 879.00 – 899.98 territory.

For the bears to take control, the price should slip below the 700.00 mark and the 38.2% Fibonacci. Such a move could initially stabilize around the 50% Fibonacci of 639.36 before stretching towards the 600 round-level.  Lower, a decisive close below the 200-day exponential moving average (EMA) and the 61.8% Fibonacci of 544.52 would re-activate the downfall from January’s top, likely triggering a new bearish phase in the market.

Summarizing, the short-term bias for Tesla’s stock is still positive, though any potential upside push may come with some delay if the tough resistance around 777.00 holds firm.

Latest News

Technical Analysis – US 500 index sustains steady hike into uncharted waters


Disney earnings: It's all about streaming – Stock Market News


Amazon Q1 earnings preview: guidance and stock split – Stock Market News



Apple earnings: buybacks might boost stock as iPhone sales seen slowing – Stock Market News

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.