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Technical Update - Tesla reversing bearish trend. Could it get back to 300?
Equities 2 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Tesla has closed the bearish gap with a bullish move yesterday. Indicators suggesting higher share price. Maybe even back to 300
Tesla has closed the gap with a bullish move. RSI closed above 60 threshold confirming the bullish scenario that could take Tesla higher.
Closed yesterday at the 100 Daily Moving Average Tesla is likely to test and break above the upper falling trendline
Some resistance at around 268 and strong resistance at around 279.50
To reverse the bullish picture a close below 226 is needed. If that scenario plays out Tesla could be hit by heavy selling towards 150.
Medium-term Tesla is in a bearish trend (lower lows and lower highs) but RSI is showing positive sentiment with no divergence suggesting Tesla could move higher in coming weeks and months
RSI is currently moving above its falling trendline indicating a break higher. If weekly RSI is closing above 60 there is strong indication of higher Tesla share price.
A close above 269 will demolish the medium-term bearish picture and a close above 279 will further add to a bullish scenario where Tesla is likely to move back in the +300 area.
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