Tesla began trading in a downtrend on Feb. 11 and has printed a consistent series of lower highs and lower lows, although volatility in the stock has recently been waning.
Tesla’s most recent lower high was printed on Feb. 16 at the $926.43 mark and when the stock bounces bearish traders will be watching for Tesla to form a bearish reversal candlestick below that level.
Bullish traders will be watching for Tesla to print a higher high above $927 to negate the downtrend.
On Friday, Tesla printed a hammer candlestick on the daily chart, which indicates a bounce to the upside is likely on the way.
Tesla has resistance above at $877.95 and $900.40 and support below at $821 and $780.79.
Tesla’s most recent lower high was printed on Feb. 16 at the $926.43 mark and when the stock bounces bearish traders will be watching for Tesla to form a bearish reversal candlestick below that level.
Bullish traders will be watching for Tesla to print a higher high above $927 to negate the downtrend.
On Friday, Tesla printed a hammer candlestick on the daily chart, which indicates a bounce to the upside is likely on the way.
Tesla has resistance above at $877.95 and $900.40 and support below at $821 and $780.79.