After finding support near the 350-dollar mark, the stock of Tesla Inc. (NASDAQ: TSLA) rebounded and started recovering some of its losses made in the period between mid-February and mid-March. The share price is trading above a short-term tentative upside support line drawn from the low of March 18th and recently had crossed above its key resistance barrier, at 558.65, marked by the high of March 26th. In addition to that, TSLA is now balancing above all of its EMAs on the 4-hour chart, which increases the chance of a possible move a bit more to the upside. We will take a positive approach, at least in the short run.
A further push north may send the stock to the 607.05 obstacle, or even the 667.50 barrier, which are marked by the highs of March 13th and 10th respectively. The share price might get a hold-up near the latter one, or it may even retrace slightly lower. However, if the buyers are still quite interested in TSLA, they could give it another push, possibly bringing the price above the 667.50 hurdle. We will then target the 718.05 level, which is the low of March 5th.
Looking at our oscillators on the 4-hour chart, the RSI and the MACD, both seem to be suggesting that there might be a bit more upside to come. Both indicators are pointing higher. Also, the RSI is above 50 and the MACD is above zero and its trigger line.
In order to abandon the upside scenario, we would need to see a slide in price below the aforementioned upside line and the 498.00 hurdle, which is the lowest point of last week. This is when the stock could drift to the 446.20 obstacle, or even the 410.20 zone, marked by the low of March 23rd. If there are still no buyers in sight, another drop could bring TSLA to the current lowest point of this year, at 350.30.
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