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Technical Update - Tesla could experience a short sweet rebound. Down trend likely to stay intact
Equities 2 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Bottom and reversal pattern formed in Tesla. A short-term rebound is in the cards. Strong overhead resistance and down trend could quickly resume
Tesla formed yesterday a Bullish Engulfing bottom and reversal candle. Combined with RSI divergence there is strong indication of a bounce in the beaten down stock
Bullish move to the lower edge of the gap area at 195.12 is in the cards.
A close above 195.12 and buyers will try closing the gap i.e., trying to push Tesla to close above 207.83.
If they succeed and Tesla does indeed close above 207.83 further upside is likely with potential to around 226.
But if Tesla is failing to close above 195.12 a new vawe of heavy selling is most likely resulting in the past couple of days lows being taken out.
Even if Tesla is closing above 195.12 it still needs to close the gap. Failing to do so will also resulting in down trend resuming: Bottom line: Closing the gap is crucial for Tesla to establish and build and uptrend.
Medium-term Tesla is in a down trend – lower lows LL and lower highs LH as illustrated on the chart
RSI is showing negative sentiment indicating lower Tesla prices. No strong support until around 152.
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