Tesla (NASDAQ: TSLA) Next Major Resistance

Key Takeaway
1. Tesla’s stock price climbed higher from the $195.00 support.

2. A major bearish trend line is forming with resistance near $245 on the 4-hour chart.

3. The bulls might struggle to clear the $245 and $250 resistance levels.

Tesla Stock Technical Analysis
After a steady decline, Tesla stock price (NASDAQ: TSLA) found support near the $195.00 zone. A base was formed, and the price started a fresh increase above $220.

The price started a decent increase above the $225 level. There was a move above the 50% Fib retracement level of the last main decline from the $278 swing high to the $194 low. The bulls were able to pump the price above the $235 level. However, they are now facing a major hurdle near the $245 and $250 levels. There is also a major bearish trend line forming with resistance near $245 on the same chart.

The trend line is near the 61.8% Fib retracement level of the last main decline from the $278 swing high to the $194 low. A clear move above the trend line and then a break above the $250 resistance might spark bullish moves.

The next major resistance is near the $275 level. A clear move above $275 could open the doors for a move toward the $288 level. In the stated case, the bulls could even attempt a move toward $300.

Conversely, Tesla’s stock price might face rejection near $245 or $250. If there is a fresh decline, the price might find support near $225.

The next main support on the downside is near the $215 level. Any more losses could resend the price toward $205 support. The major breakdown support reclines at $195.