As shown in the chart Tesla has formed another short term uptrend channel. However, TSLA is testing resistance after trying to breakout from the long term resistance once again. The last time TSLA tested this same long term support it failed, and this tells me there is really strong selling pressure upwards of 400. Its facing double support at its current price level of 423. At the same time, the RSI indicates we could see more of a drop. If we saw a sudden jump in volume and a price above 477, it would be a bullish sign. However, there is obviously some market weakness so I wouldn’t be surprised if we saw this break under 413, in which case it would probably bounce at the long term support (360 level) like last time.
I would wait and see where this price goes before taking any position.
I would wait and see where this price goes before taking any position.
