TeslaPanjang
Tesla Ends the Week Rebounding from Support
February has not been kind to Tesla (ticker: TSLA), settling the month down 28% and stirring levels not seen since November 2024.
I will keep the following analysis simple and concise. Despite the eye-watering drop in February, a daily support area entered the fray on Friday between US$264.82 and US$272.25, made up of the following technical components:
• Horizontal support at US$264.82
• Moderate Fibonacci cluster at US$272.25 (61.8% and 78.6% Fibonacci retracement values)
• Trendline support taken from the low of US$138.80
• 200-day SMA at US$278.75
• Oversold signal from the Relative Strength Index (the lowest level since early 2024)
• Bullish engulfing candlestick
In light of the technical confluence, this may prompt profit-taking, with technical traders possibly employing Friday’s bullish engulfing candle to structure their entry/risk parameters. A noticeable initial upside objective is seen at resistance from around US326.70ish. Nevertheless, should sellers continue to pull the stock lower, the next layer of support is not seen until US$233.62.
Written by FP Markets Market Analyst Aaron Hill
I will keep the following analysis simple and concise. Despite the eye-watering drop in February, a daily support area entered the fray on Friday between US$264.82 and US$272.25, made up of the following technical components:
• Horizontal support at US$264.82
• Moderate Fibonacci cluster at US$272.25 (61.8% and 78.6% Fibonacci retracement values)
• Trendline support taken from the low of US$138.80
• 200-day SMA at US$278.75
• Oversold signal from the Relative Strength Index (the lowest level since early 2024)
• Bullish engulfing candlestick
In light of the technical confluence, this may prompt profit-taking, with technical traders possibly employing Friday’s bullish engulfing candle to structure their entry/risk parameters. A noticeable initial upside objective is seen at resistance from around US326.70ish. Nevertheless, should sellers continue to pull the stock lower, the next layer of support is not seen until US$233.62.
Written by FP Markets Market Analyst Aaron Hill
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.