TSLA Bounced Off Support! What Next?

29 בדצמ׳ 2022

The last time we made our Tesla chart, we were in a downward channel and expecting a bounce off support. It has since fell through that but looks to have found support at the $111 level.

Looking at the weekly RSI, we can see TSLA is at the same level it was at in May 2020 before it had its huge run (oversold). This, combined with the bounce off weekly support at $111 leads me to believe we could be at a reversal point for TSLA.

The next major resistance points are $128 and the bottom of the channel at $138. If we can break back into the channel, I believe $190 is highly likely. If we break back below support, then $92 is the next major level I'll be buying at.

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