Will Tesla test 300 again soon?

There has been a very good year for Tesla with the stock starting the year at 100 and reaching a high of 300 in summer.

A correction followed, but even if the ascending trend line was broken with a gap in October, Tesla found a very strong floor in the 200 region and rebounded, giving us a very nice bullish chart for the year.

Technically, the drop from 300 is clearly corrective in nature, and with the stock consolidating between 230 and 250 for 3 weeks now, we can expect a break to the upside.

This consolidation break will also coincide with a break of the falling trend line and, in such an instance, we can expect acceleration to the upside.

The most obvious target for bulls is the 300 figure and technical resistance and, considering a stop loss under consolidation's support we can achieve a more than 1:2 risk: reward.

Comment:

Yesterday, Tesla broke above the falling trend line.
A sustained break above 250 could lead to a rise towards my 300 target