Key Highlights
- Tesla’s stock price climbed higher from the $195.00 support.
- A major bearish trend line is forming with resistance near $245 on the 4-hour chart.
- The bulls might struggle to clear the $245 and $250 resistance levels.
- EUR/USD rallied above the 1.0880 resistance zone.
Tesla Stock Price Analysis
After a steady decline, Tesla stock price (NASDAQ: TSLA) found support near the $195.00 zone. A base was formed, and the price started a fresh increase above $220.
Looking at the 4-hour chart, the price started a decent increase above the $225 level. There was a move above the 50% Fib retracement level of the last main decline from the $278 swing high to the $194 low.
The bulls were able to pump the price above the $235 level. However, they are now facing a major hurdle near the $245 and $250 levels. There is also a major bearish trend line forming with resistance near $245 on the same chart.
The trend line is near the 61.8% Fib retracement level of the last main decline from the $278 swing high to the $194 low. A clear move above the trend line and then a break above the $250 resistance might spark bullish moves.
The next major resistance is near the $275 level. A clear move above $275 could open the doors for a move toward the $288 level. In the stated case, the bulls could even attempt a move toward $300.
Conversely, Tesla’s stock price might face rejection near $245 or $250. If there is a fresh decline, the price might find support near $225.
The next major support on the downside is near the $215 level. Any more losses could resend the price toward $205 support. The main breakdown support sits at $195.
Economic Releases
- German Buba Monthly Report.
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