Can Tesla Reclaim $200?

Tesla’s been zooming higher this year, rebounding from its worst month ever in December. But how far can the bounce go?

Today’s weekly chart uses a couple of methods to address that question.

First is simple retracement. Starting from the last green candle in mid-September through the early-January low, TSLA fell $201.54. Reclaiming half the drop would place the stock around $202.

Second, that level could have some long-term importance. It is near lows from July 2021 and May 2022. The EV maker also tried to hold the price zone throughout last October before breaking lower.

Of course, for a stock like TSLA anything is possible. The last quarter showed its business continuing to grow, which could benefit from further reopening of China. But as a first point of reference, the $200 area could be eyed by traders.

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FibonacciSupport and Resistance

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