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: Bearish
TSLA is bearish on the medium-term outlook. On June 12, a bullish engulfing candle pattern was formed at the dynamic support level (21 and 50 periods EMA). TSLA price rallied towards the resistance level of $206. The Bulls were unable to penetrate the $206 level. The Bears returned the price towards $182 level and the price is breaking the two EMAs downside.
The TSLA price is trading in between the 21 days EMA and 50 days EMA as a sign of an increase in the Bears’ momentum. Meanwhile, the Stochastic Oscillator period 14 is above 25 levels with the signal lines bending down which indicates sell signal. Should the Bears increase their pressure, $182 level will be reached.
TSLA Short-term Trend: Bearish
TSLA is bearish on the short-term outlook. Tesla price cross over the dynamic support and resistance level downside and the 21 periods EMA is making an attempt to cross the 50 periods EMA as a bearish trend confirmation.
The Stochastic Oscillator period 14 is below 25 levels and the signal lines bending up to indicate Buy signal.
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