TSLA price may reach $206; the sellers’ strength was exhausted at $161. A bullish engulfing candle formed that triggered the buyers’ momentum and the price increased and broke up the resistance level of $182.
Resistance levels: $206, $229, $250
Support levels: $182, $161, $136
TESLA (TSLA) Medium-term Trend: Bullish
TSLA is on the bullish movement on the medium-term outlook. Tesla has been bearish since April 11. The Seller pushed the price down to $206 on May 02 and the Buyers reacted against the decrease in price with the formation of Bullish engulfing candle. The price pulled back to $229 level. the Buyers were unable to push the price above the $229 level. The Buyers defended the level and the price dropped to the support level of $161. The sellers’ strength was exhausted at $161. A bullish engulfing candle formed that triggered the buyers’ momentum and the price increased and broke up the resistance level of $182.
Tesla (TSLA) price trading above the 21-period EMA and the 50 periods as a sign of buyers’ increased strength. TSLA price may reach $206 as the MACD period 12 is above zero levels and the signal lines pointing up to indicate a buy signal.
TSLA Short-term Trend: Bullish
On the short-term outlook, TSLA is bullish. The Bears lost the pressure at the support level of $161. The Bulls took over on June 04 and the Tesla price rise above $182 level after penetrated the barrier at the mark.
On the 1-hour time frame, the price is above the two dynamic resistance level and the MACD period 12 with its histogram is above zero levels which indicates a further increase in Tesla price.
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