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Technical Update - Tesla buyers running out of steam. A correction is in the cards
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Tesla share price really took off after it broke bullish out of its symmetrical triangle pattern. Tesla has moved the same distance after break out as the difference between the height and low of the triangle. That is the rule of thumb price target after triangle break out. Close to minor resistance at 952.60, the 0.618 retracement of the spring sell off this year and around the 200 SMA.
RSI is above 70 i.e. in overbought territory but there is no divergence indicating Tesla price could move higher. If Tesla closes above 952.60 there could be more upside potential to around 1.000 possibly reaching 0.764 retracement.
If Tesla cannot hold up and instead closes below 878 a correction down to the 100 SMA i.e. around 823 is likely. The declining volume over the past week indicates buyers are running out of steam.
Look out for what RSI does. Will it bounce off from its rising trendline or break it. That could be a guide for the size of a potential correction
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