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Fan Yang

Tesla Inc. (TSLA) Possibly In for Another Bull Run Towards $300 But Faces Critical Resistance Here

Tesla Inc. $TSLA has been recovering since falling to $178 at the turn of May to June. Note that price retreated after multiple failed attempts to break above $390. In late 2018, price retreated form $380 and continued to fall until the end of May where it landed at $178. While this might still be the primary trend heading into 2020, the short to medium-term mode has been bullish. Maybe we can say that this is a bullish correction against the bearish trend that started in late 2018.

TSLA Daily Chart

(click to enlarge)

Correction:
- In August, we saw that price held above $210. This ability to create a higher low was already a sign that bulls are in charge at least in the short-term, even if it is just within the context of a correction against the larger downtrend.
- Also note that the RSI held above 40, which reflects maintenance of the June through July bullish momentum. 
- With a bullish outlook at least in the short-term, we can anticipate upside towards the $290-$300 area. 
- On the weekly chart, we can see that this is a key support/resistance pivot area. If TSLA has indeed formed a price top, this area should be strong resistance. 

TSLA Weekly Chart


(click to enlarge)

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