TSLA Still bullish?

A long upper shadow on the weekly chart can't hold back Tesla's strength.

Tesla has posted weekly candles with long upper shadows for two consecutive weeks, indicating significant selling pressure. Despite Friday's sharp drop, Tesla held firmly above the critical 415 level, closing at 431. This suggests strong buying interest around 415, further pushing the price higher and emphasizing the importance of this level.

Looking at the weekly chart, Tesla faces strong resistance during pullbacks at 415, 402, 385, and 360. However, from an upside perspective, aside from needing to digest overbought conditions and wait for moving averages to catch up, there appears to be little resistance ahead.

On the 1-hour chart, Tesla's price action shows a consolidation phase: it hasn't broken above previous highs (red arrows) but also hasn't dropped below recent lows. This points to a choppy, range-bound movement in the short term. If Tesla can maintain support at 415, the likelihood of continued consolidation is high, allowing time for moving averages to rise and overbought conditions to ease.

However, if 415 breaks, the consolidation range may widen, or we might see a minor pullback. Bullish investors should remain patient and wait for clearer signals.