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Technical analysis for Tesla, the shares reached the second target of the third bullish wave on the monthly chart, the 1.618 FIB extension at 1085$. The shares went as high as 1243$ and started a pullback on the weekly chart. This pullback reached support and the 0.500 FIB retracement at 886$ and bounced from it, resuming the bullish trend. If the shares of Tesla break below 886$, that will send the price lower toward the 0.618 FIB retracement on the weekly chart at 812$. And a break below the 0.618 FIB retracement and 812$ will open the door for a bearish run toward the low at 539$. Between 539$ and 515$ we have a key support and the 0.618 FIB retracement on the monthly chart at 515-520$.
On the bullish side, if the shares of Tesla break above the previous high at 1243$, that will resume the bullish weekly and monthly waves. The third target of the weekly bullish wave is the 2.272 FIB extension at 1320$. The fourth target is the 2.618 FIB extension at 1470$.
The third target of the bullish monthly wave is the 2.272 FIB extension at 1390$. The fourth target is the 2.618 FIB extension at 1550$.
Weekly chart:
Monthly chart:
