Tesla’s been zooming higher this year, rebounding from its worst month ever in December. But how far can the bounce go?
Today’s weekly chart uses a couple of methods to address that question.
First is simple retracement. Starting from the last green candle in mid-September through the early-January low, TSLA fell $201.54. Reclaiming half the drop would place the stock around $202.
Second, that level could have some long-term importance. It is near lows from July 2021 and May 2022. The EV maker also tried to hold the price zone throughout last October before breaking lower.
Of course, for a stock like TSLA anything is possible. The last quarter showed its business continuing to grow, which could benefit from further reopening of China. But as a first point of reference, the $200 area could be eyed by traders.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
Today’s weekly chart uses a couple of methods to address that question.
First is simple retracement. Starting from the last green candle in mid-September through the early-January low, TSLA fell $201.54. Reclaiming half the drop would place the stock around $202.
Second, that level could have some long-term importance. It is near lows from July 2021 and May 2022. The EV maker also tried to hold the price zone throughout last October before breaking lower.
Of course, for a stock like TSLA anything is possible. The last quarter showed its business continuing to grow, which could benefit from further reopening of China. But as a first point of reference, the $200 area could be eyed by traders.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
