Tesla’s stock price has been in a slightly recovery mode after the skyrocketing to a record high of 1785.43 on July 13. The price remains above the 23.6% Fibonacci retracement level of up leg from 350 to 1785.43 at 1446, however, the RSI looks overbought as it turns lower above the 70 level. Also, the MACD oscillator is weakening its momentum, though it holds above its trigger and zero lines.
In case of steeper declines immediate support is coming from the 23.6% Fibo of 1446 ahead of the blue Kijun sen line at 1346.65. Beneath the latter, the door could open for the 38.2% Fibonacci of 1,237 before challenging the 50-day simple moving average (SMA), which overlaps with the 50.0% Fibo at 1069.
On the other hand, immediate resistance could be faced at the all-time high of 1785.43 before moving towards the 261.8% Fibonacci extension level of the down leg from 943.35 to 350 at 1907. Above that, the stock would once again enter unchartered paths.
Concluding, Tesla stock price has been in a significant upside rollercoaster over the last four months despite the latest pullback and only a decrease below the 200-day SMA may change this outlook.
