(TSLA) with a Fibonacci channel overlay.

4 thg 7

Here is some interesting observation from Tesla chart and Fib channel overlay.

### Observations:

1. **Fibonacci Channel**:
- The Fibonacci channel is drawn from a high point in 2021 to a low point in early 2023.
- The lines are drawn at key Fibonacci levels (0, 0.25, 0.382, 0.5, 0.618, 0.75, 1).

2. **Price Action**:
- TSLA has been in a downtrend from the peak in 2021, moving through various Fibonacci levels.
- Recently, TSLA has rebounded from the lower levels and is currently trading around $246.39.

3. **Key Fibonacci Levels**:
- **0.25 level**: Around $175, acted as recent support.
- **0.382 level**: Around $195, another potential support/resistance.
- **0.5 level**: Around $250, currently acting as resistance.
- **0.618 level**: Around $300, future potential resistance.
- **0.75 level**: Around $350, another significant resistance level.

### Analysis:

1. **Current Trend**:
- TSLA has shown a significant rebound, indicating a potential change in the trend or at least a strong retracement within the downtrend.

2. **Support and Resistance**:
- The immediate resistance level is at the 0.5 Fibonacci level (~$250). A break above this could lead to testing the 0.618 level (~$300).
- Support is likely around the 0.382 Fibonacci level (~$195) and 0.25 Fibonacci level (~$175).

3. **Volume**:
- The volume seems to be significant during the recent upward movement, which could indicate strong buying interest.

4. **Potential Scenarios**:
- **Bullish Scenario**: If TSLA breaks above the $250 level with strong volume, it could head towards the $300 mark.
- **Bearish Scenario**: If TSLA fails to break the $250 resistance, it could retest the $195 or even $175 levels.

### Conclusion:

- **Short-term**: Watch for a break above $250 for a bullish move towards $300.
- **Medium-term**: Sustained movement above $300 could indicate a reversal of the downtrend.
- **Long-term**: Consider the broader market conditions and Tesla's fundamentals, as well as news and earnings reports, which could impact the stock significantly.
NOT A FINANCIAL ADVICE