Tesla Technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Tesla is in a powerful uptrend on the daily chart, having recently staged a major bullish breakout from a long-term consolidation pattern and is now in a minor pullback after reaching overbought conditions. The stock has decisively broken out from a large symmetrical triangle, signaling an end to a long period of consolidation. The strength of this breakout is confirmed by the technical indicators, the expanding upper Bollinger Band, and the Relative Strength Index reached overbought levels, both confirming powerful momentum.



The current dip in price and RSI is a typical feature of a healthy pullback within a strong trend. The outlook, therefore, remains strongly bullish. The critical new support floor to watch is the former resistance and breakout point around $367.00. As long as the price holds above this level, the next target is a break of the recent high near $450.
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