Tesla recovery approaches resistance line

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Source: Dukascopy Bank SA


The price of Tesla stock found support in the combination of the 700.00 mark and the 23.60% Fibonacci retracement level at 706.25 in late February. The retracement levels are measured by connecting the 2021 March low and the all-time-high level of November 2021.

Since the finding of support, by large, the stock price has been sharply recovering. By March 29, the stock price of the carmaker had almost reached the 1,100.00 mark.

Next target for the surge of Tesla might be the resistance line, which connects the 2021 and 2022 high levels. A move above the trend line could test the all-time-high level at 1,244.44.

On the other hand, a potential decline of the stock price might look for support in the 1,000.00 mark, before approaching the 61.80% Fibonacci retracement level at 975.35. Further below, take into account the combination of the 50 and 200-day simple moving averages and the 50.00% level near 890.00.
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