{"id":10623,"date":"2021-06-23T06:55:00","date_gmt":"2021-06-23T05:55:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=10623"},"modified":"2021-06-23T12:10:20","modified_gmt":"2021-06-23T11:10:20","slug":"tesla-technical-analysis-looking-more-bullish","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/tesla-technical-analysis-looking-more-bullish\/","title":{"rendered":"Tesla Technical Analysis – Looking more bullish"},"content":{"rendered":"\t\t
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Tesla<\/a>\u2019s share price has entered a period of extended price consolidation as sellers fail to make traction below the $600.00 level, while buyers are seemingly unable to drive the price back to the $700.00 to $900.00 price range.<\/p>

Low trading volumes have dogged tesla\u2019s stock price over recent weeks as a potential meltdown towards the $400.00 or even $300.00 level failed to materialize. This is underscored by the ATR indicator, which shows that Tesla\u2019s daily Average True Range is now at its lowest level since October of last year.<\/p>

A huge point of technical interest now is Tesla\u2019s 200-day moving average. Much to the frustration of trend traders, Tesla\u2019s share price has been flirting with its trend defining 200-day moving average for around six weeks now.<\/p>

On the positive front, Tesla\u2019s share price actually rallied while Wall Street<\/a> fell last week, and the company\u2019s flagship Model 3 and Y cars are being widely sold all across the as electric automobiles are now widely accepted by global consumers.<\/p>

The Big Short\u2019s Michael Burry\u2019s huge bearish option bet towards Tesla has so far failed to materialize. Still, a big worry for Tesla is the stagnation in its share price and that the company is essentially priced for perfection.<\/p>

So far no signs of imminent capitulation in Tesla\u2019s stock price, and investors have taken the huge drop in Bitcoin this summer in their stride. Tesla still owns a huge amount of Bitcoin, so this has been a surprising reaction.<\/p>

Furthermore, Tesla has said that they allow Bitcoin payment once miners reach 50 percent green energy consumption. A potential future bullish price catalyst would be if Bitcoin traded back in the $50,000 to $60,000 price range. This would certainly boost second-quarter profits and cause much-need volatility in Tesla\u2019s share price.<\/p>

Tesla Short-term Technical Analysis<\/strong><\/p>

According to the four-hour time frame, Tesla\u2019s stock price has formed a bearish head and shoulders pattern with bears need to crack the $540.00 level to ignite the pattern.<\/p>

Looking at the overall size of the bearish price pattern a drop towards the $300.00 level is possible if Tesla\u2019s share price trades under the $540.00 level. Bulls need to move the price above the $780.00 level to invalidate the large bearish price pattern.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Tesla Medium-term Technical Analysis<\/strong><\/p>

According to the daily time frame Tesla\u2019s stock price has formed a bullish double-bottom pattern formation after sellers failed to breach the former key swing low from March during the May decline.<\/p>

Typically, double-bottom patterns are very bullish so we could see more short-term gains in the value of Tesla\u2019s share price.<\/p>

The April swing-high, around $780.00 is the likely upside target. Now major buy signals have so far showed up on the daily time frame so far, although a break above falling trendline resistance could start a flurry of fresh buying interest.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes\u00a0<\/a>provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Tesla\u2019s share price has entered a period of extended price consolidation as sellers fail to make traction below the $600.00 level, while buyers are seemingly unable to drive the price back to the $700.00 to $900.00 price range. Low trading volumes have dogged tesla\u2019s stock price over recent weeks as a potential meltdown towards the […]<\/p>\n","protected":false},"author":4,"featured_media":10635,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[176,61,191],"yoast_head":"\nTesla Technical Analysis - Looking more bullish - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/tesla-technical-analysis-looking-more-bullish\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tesla Technical Analysis - Looking more bullish\" \/>\n<meta property=\"og:description\" content=\"Tesla\u2019s share price has entered a period of extended price consolidation as sellers fail to make traction below the $600.00 level, while buyers are seemingly unable to drive the price back to the $700.00 to $900.00 price range. 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