Tesla finds support in retracement level

Source: Dukascopy Bank SA


At the start of April, the price for Tesla stock encountered the resistance of trend line, which connects the 2021 and 2022 high levels. The following decline eventually found support in the 61.80% Fibonacci retracement level at 975.35. The retracement levels are measured by connecting the 2021 March low level and the all-time-high level of November 2021.

A recovery of the asset price might once again encounter resistance in the trend line. In addition, the 1,100.00 and 1,050.00 levels might act as resistance. Further above, take into account the 1,150.00 and 1,200.00 levels, before the all-time-high is reached at 1,244.44.

On the other hand, a move below 975.35 might find support in the 950.00 mark and the 50-day simple moving average. Below the 950.00 level, the 50.00% Fibonacci retracement and the 200-day simple moving average might act as support.
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