Tesla Could Be Bouncing in a Channel
Tesla has consolidated since hitting a record high above $1,200 in November, and now it may be setting up for another bounce.
The main pattern on today’s chart is the descending channel running along the highs of late 2021, January and April. This became formidable resistance on April 11, as noted at the time.
We’ve drawn support at the closing prices (not the lows) to account for the unusual candle on February 24 after Russia invaded Ukraine. TSLA bounced along this line in March and managed to close back above it last week.
Next is the potential support level around $695. It was the close on Quad Witching in December 2020 and TSLA fluctuated on either side of it for most of 2021. Notice how prices bounced at this line twice this year.
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The main pattern on today’s chart is the descending channel running along the highs of late 2021, January and April. This became formidable resistance on April 11, as noted at the time.
We’ve drawn support at the closing prices (not the lows) to account for the unusual candle on February 24 after Russia invaded Ukraine. TSLA bounced along this line in March and managed to close back above it last week.
Next is the potential support level around $695. It was the close on Quad Witching in December 2020 and TSLA fluctuated on either side of it for most of 2021. Notice how prices bounced at this line twice this year.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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