Technical Update - Rebounds in Tesla and Apple set to continue - but how far? Technical Update - Rebounds in Tesla and Apple set to continue - but how far? Technical Update - Rebounds in Tesla and Apple set to continue - but how far?

Technical Update - Rebounds in Tesla and Apple set to continue - but how far?

Equities 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  After positing 52 week new lows on one of the first trading days of the new year, Tesla and Apple have rebounded strongly.
Tesla earnings lifted the share price higher reversing the bearish sentiment short term
Apple broke falling trend line now facing key resistance

Today's Saxo Market Call podcast.
Today's Market Quick Take from the Saxo Strategy Team

Tesla has had a great run in the new year after the share price started the new year by dipping below strong support at around 110 almost touching the 0.786 Fibonacci retracement (just short with a couple of dollars) – see weekly chart. Since then Tesla has bounced strongly and the bounce seems to continue. 

The jump yesterday after earnings release occurred under heavy traded volume lifting to the 0.618 Fibonacci retracement (black set of Fibonacci indicator) at 161.82 of the last move down.  
The RSI closed above 60 threshold meaning it is now in positive sentiment indicating higher levels are likely. The very short-term trend uptrend is confirmed.

Tesla is closing in on the 200 weekly SMA. If closing above there could be more upside for Tesla with no strong resistance until around 182.50. That level is also the 0.382 retracement of the Q4 2022 downtrend.
The medium-term trend is still down however, and Tesla needs to close above 198.92 to reverse that.
If Tesla closes the gap created with yesterday’s jump i.e., closing below 144.43 sellers are likely to regain control and push Tesla share price towards 100 again.

Source all charts and data: Saxo Group

Apple trading in a narrow rising channel has broken above its medium-term falling trendline. RSI is above 60 showing positive sentiment but traded volume has been declining during bounce here in January. That is a bit of a worry for further upside potential.
Key resistance is at around 150. Daily 200 SMA coming down just below that level will add to the resistance. If closing above 150 a move to 157.50 – 164.25 could be seen.
If Apple breaks bearish out of the channel and closes below 133.77 the medium-term downtrend is likely to resume with new lows in Apple as a result. Possibly down to strong support at around 118.37


The Saxo Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo or its affiliates.

Saxo Capital Markets HK Limited
19th Floor
Shanghai Commercial Bank Tower
12 Queen’s Road Central
Hong Kong

Contact Saxo

Select region

Hong Kong S.A.R
Hong Kong S.A.R

Saxo Capital Markets HK Limited (“Saxo”) is a company authorised and regulated by the Securities and Futures Commission of Hong Kong. Saxo holds a Type 1 Regulated Activity (Dealing in Securities); Type 2 Regulated Activity (Dealing in Futures Contract); Type 3 Regulated Activity (Leveraged Foreign Exchange Trading); Type 4 Regulated Activity (Advising on Securities) and Type 9 Regulated Activity (Asset Management) licenses (CE No. AVD061). Registered address: 19th Floor, Shanghai Commercial Bank Tower, 12 Queen’s Road Central, Hong Kong.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products may result in your losses exceeding your initial deposits. Saxo does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo does not take into account an individual’s needs, objectives or financial situation. Please click here to view the relevant risk disclosure statements.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this site may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and services offered on this website are not directed at, or intended for distribution to or use by, any person or entity residing in the United States and Japan. Please click here to view our full disclaimer.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc. Android is a trademark of Google Inc.