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Technical Update - Is Tesla bounce enough to reverse downtrend?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Tesla opened 12% higher at USD 162.84 after the earnings release last night.
That is just above the resistance at around 160.51. A daily close above could give Tesla further momentum to push higher towards the strong resistance area at 183-188.14 — the gap area.
Closing that gap is crucial for Tesla to reverse the current bearish trend.
The strength indicator RSI has been showing divergence (RSI values have been rising while Tesla's share price has been declining), which is an indication of downtrend exhaustion supporting the rebound scenario.
If Tesla is in closing the gap i.e., a daily clsoe above 188.14, there is short-term upside potential to 204.
However, if Tesla closes below 160.51, the downtrend is likely to resume.
Medium-term on the weekly chart, the downtrend is intact until a close above 184.25.
A downtrend that could push Tesla down to around the January 2023 lows and support around 110-100.
Weekly RSI is supporting the bearish picture. Next few days are likely to be crucial
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