Tesla jumps and breaks pattern

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Source: Dukascopy Bank SA


The support of the 50.00% Fibonacci retracement level at 892.23 was strong enough to cause a sharp surge. The surge slowed down near the upper trend line of the channel down pattern, during the last day's of 2021 trading.

Afterwards, after a short lived retracement down to the support of the 50-day simple moving average, the stock price jumped at the start of 2022 trading. Namely, the stock price jumped more than 14.00%, compared to the 2021 closing price.

On Tuesday, January 4, the stock was expected to continue the surge, as it faced no technical resistance. The only resistance could be provided by the all-time-high level at 1,244.44. A passing of this level might find resistance only in round price levels.

Meanwhile, a potential move back down could look for support in the 50-day simple moving average near 1,065.00, before looking for support in Fibonacci levels at 975.35 and 892.23.
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