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Technical Update - Tesla has bounced strongly after sell-off. Will it also break key resistance?
Equities 1 minute to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Tesla has bounced strongly following the sell-off since its July peak. After closing above 207.67, thereby closing the gap, there is no resistance until the upper gap area at 231.30–234.25. That area will be a strong resistance area, and Tesla needs to close above 234.25 to push higher.
The strength indicator RSI is still showing negative sentiment and needs to close above the 60 threshold to reverse to positive sentiment. If RSI does close above the 60 threshold, there is a great likelihood that Tesla will break the 234.25 strong resistance. If that scenario plays out, Tesla is likely to challenge the July peak at around 271.
If Tesla gets rejected at the resistance and if RSI fails to close back above 60, Tesla will most likely test the support at 207.67 and at 198.87.
However, with Tesla currently trading above the 55-, 100-, and 200-day moving averages, the bullish scenario is quite likely to play out. But, again, 234.25 is a strong resistance.
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