Further decrease in Tesla price is envisaged as the Stochastic Oscillator period 14 is at 50 levels with the signal lines bending down.
Resistance levels: $206, $229, $250
Support levels: $182, $161, $136
TSLA Medium-term Trend: Bullish
On the medium-term outlook, TSLA is bullish. TSLA price reached a high of $206 under the bullish pressure on June 18. The Bears defended the level and the Bulls were prevented from penetrating the $206 level. Thus, the price reversed and touched the dynamic support level (21 periods and 50 periods EMA).
The trading of Tesla (TSLA) price above the 21-period EMA and the 50 periods EMA is now at a close range between the EMAs and the TSLA price, which connotes decrease in bullish momentum and sell signal. Further decrease in Tesla price is envisaged as the Stochastic Oscillator period 14 is at 50 levels with the signal lines bending down.
TSLA Short-term Trend: Bearish
TSLA is bearish on the short-term outlook. As long as the price crosses the 21 periods EMA and 50 periods EMA downside the Bears are dominant in the market. The TSLA price bounced off the resistance level of $206 on June 19 and the price declined to break the two EMAs. As at the moment, the price is trading below the two EMAs as a bearish signal.
The Stochastic Oscillator period 14 is above 25 levels and the signal lines bending down to indicate sell signal.
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