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Technical Update - Tesla likely resuming down trend after being rejected at key resistance
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Tesla rejected at key resistance at around 195.12. Down trend is likely to resume with potential down to 160-157
Tesla was yesterday rejected at the resistance at around 195.12 which is the lower part of the Gap area. The short sweet rebound rally seems to be over.
The RSI rejected at the 40 threshold indicating the bearish trend in Tesla is likely resuming.
An RSI close below its lower rising trendline will further add to the likely scenario playing out.
Tesla needs to close above 195.12 to demolish this scenario.
However, to reverse the down trend a close of the gap area i.e., a close above 207.83 is needed.
If Tesla is closing below the low of the Bearish Engulfing candle i.e., closing below 177.11 it will quite likely fuel a sell-off that can take Tesla down to next strong support at around 152.37 – see weekly chart
Tesla is in a medium-term bearish trend – Lower Lows LL and Lower Highs LH on the weekly chart - with no strong support until around 160-152
Authour is holding a short position in Tesla
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