Tesla passes retracement level

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The stock price of Tesla recently passed the 61.80% Fibonacci retracement level of the 2021 low and high levels at 975.35. On Wednesday, December 15, it appeared that the price had confirmed the level as resistance. Meanwhile, the 2021 high levels and November low levels reveal a channel down pattern, which has guided the price for more than a month.

If the price declines, it could look for support in the combination of the 50.00% Fibonacci retracement level at 892.23, the 900.00 mark and the lower trend line of the channel down pattern. Below these levels, the 38.20% retracement at 809.11 might act as support.

On the other hand, a recovery of the asset price might find resistance in the 50-day simple moving average near 1,015.00, before aiming at the upper trend line of the channel pattern.
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