The technical picture of the Tesla Inc stock (NASDAQ: TSLA) on our 4-hour chart shows that, after exiting the short-term falling channel pattern through the lower bound of it at the end of February, the share price tried several times to get back inside the channel but failed to do so. TSLA is once again seen moving away from the lower side of that pattern, at the same time trading below all of its EMAs. All this paints a slightly more negative picture for the near-term outlook, which means lower levels could be met soon.
New buyers could get halted from entering for now, if the stock falls below the 651 hurdle, marked by yesterday’s low. Such a move might clear the path towards the 620 zone, marked by an inside swing high of March 8th, which may provide a temporary hold-up, from where the stock could rebound and travel a bit higher. However, if TSLA continues to trade below the lower side of the aforementioned channel, another slide might be possible. If this time the share price is able to fall below the 620 territory, this may open the door for further declines. We will then aim for 559, or the 542 level, marked by the current lowest point of March.
The RSI is currently below 50 and continues to point lower, this way showing increasing downside speed of the price. The MACD, although fractionally above zero, remains below its trigger line and points lower. The two oscillators seem to be in support of the above-discussed scenario.
Alternatively, if the share price is somehow able to get back inside the previously-discussed channel and then push above the high of March 10th, at 718, that might bring more new buyers into the game. TSLA might then travel to the 745 obstacle, or to the 768 zone, marked by the high of February 22nd. If the buying doesn’t stop there, the next potential target could be at the psychological 800 level, marked by the high of February 17th. Slightly above it sits the upper side of the aforementioned falling channel, which might help halt the acceleration temporarily.
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