As we can see, the 50 Daily moving average is proving to be a tough resistance area for Tesla stock in the near term. Which is around $261 as of writing.
The RSI is also stalling, showing that price may not make a new high for a little while here
However, we can clearly see a Bullish flag pattern forming just under the 50 DMA zone, time will tell if we confirm a breakout to the upside or the downside. Here are my 2 scenarios:
If $261 is broken to the upside with momentum, I see a short squeeze materializing back to $300 & then $314, a level not seen since Summer 2022.
If we reject off of $261, we may retest 216, 208, then 150... which $150 remains as my worst case price target for the year.
The RSI is also stalling, showing that price may not make a new high for a little while here
However, we can clearly see a Bullish flag pattern forming just under the 50 DMA zone, time will tell if we confirm a breakout to the upside or the downside. Here are my 2 scenarios:
If $261 is broken to the upside with momentum, I see a short squeeze materializing back to $300 & then $314, a level not seen since Summer 2022.
If we reject off of $261, we may retest 216, 208, then 150... which $150 remains as my worst case price target for the year.