- The market has been trading below a bearish trendline since July 2023 ; The long-term trend is then bearish.
- Since the beginning of 2024, the market has pulled-back further, trading below an intermediate bearish line (dotted) until reaching a 1-year low around $140.30.
A strong bullish reaction took place above that level, supported by significant volume spikes, which led the market back to the intermediate trendline around $194.12.
Moving averages are now acting as support for the market, as they register a bullish cross, the first one since late 2023.
Meanwhile, the RSI indicator, is also displaying a bullish configuration, currently sitting above the 50% level following a bullish breakout of its own trendline.
- Even if the company's share price remains quite discounted compared to what it used to be in the past, the current technical landscape is becoming really positive for bull traders.
The build-up in volume combined to the technical signals sent by the price action over the last support level, the RSI and the moving averages is seen as bullish.
A break-out of the $194.12 level and the intermediate trendline could lead to a new mid to long-term rally for TESLA, with targets located around $,219.34, $265.13, $300.00 and even above.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Since the beginning of 2024, the market has pulled-back further, trading below an intermediate bearish line (dotted) until reaching a 1-year low around $140.30.
A strong bullish reaction took place above that level, supported by significant volume spikes, which led the market back to the intermediate trendline around $194.12.
Moving averages are now acting as support for the market, as they register a bullish cross, the first one since late 2023.
Meanwhile, the RSI indicator, is also displaying a bullish configuration, currently sitting above the 50% level following a bullish breakout of its own trendline.
- Even if the company's share price remains quite discounted compared to what it used to be in the past, the current technical landscape is becoming really positive for bull traders.
The build-up in volume combined to the technical signals sent by the price action over the last support level, the RSI and the moving averages is seen as bullish.
A break-out of the $194.12 level and the intermediate trendline could lead to a new mid to long-term rally for TESLA, with targets located around $,219.34, $265.13, $300.00 and even above.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.