Current trend

The quotes of Tesla Inc., a leading manufacturer of electric cars, have been actively rising since the beginning of the current month. During this time, the price has reversed from the central mark of the Murrey trading range of 187.50 (Murrey level [4/8]) and is now trying to consolidate above the reversal level of 218.75 (Murrey level [6/8]). If successful, the upward dynamics will intensify to the area of ​​250.00 (Murrey level [8/8]) and 265.62 (Murrey level [ 1/8]). After a breakdown of the key level “bearish” level of 187.50, the decline will resume, with the target at 156.25 (Murrey level [2/8]) and 140.62 (Murrey level [1/8]).

Technical indicators signal a continuation of the current trend: Bollinger bands are directed downwards but consolidation above the middle line may mean an attempt to change the short-term downward trend, Stochastic is directed upwards, although it has entered the overbought zone, and the MACD histogram is preparing to move into the positive zone.

Support and resistance

Resistance levels: 218.75, 250.00, 265.62.

Support levels: 187.50, 156.25, 140.62.

Trading tips

Long positions may be opened from 224.20, with the targets at 250.00, 265.62, and stop loss 208.00. Implementation period: 5–7 days.

Short positions should be opened below the 187.50 mark, with the targets at 156.25, 140.62, and stop loss 202.00.