TSLA Approaching Major Support
TSLA has a major support at 700. Analyzing Tesla in 1Week intervals over the past 52 weeks shows the major support line which goes at a general uptrend. In the short-term, looking at a 4H view there is a weaker support line which is at a general downtrend. The intersection of these supports is around 700.RSI in the weekly, daily, and 4hour view is really oversold. MacD shows peak selling at this moment, and the rate of selling seems to be decreasing. This is also supported with the Stochastic RSI.
The market is in a general downtrend, which fears of inflation and the potential end of the bull run we've had since April. However, stimulus news is still on the way with a three week deadline. This, along with updates on the vaccine can spur a huge catalyst for Tesla to bounce off and start a new bull run.
Considering all these factors, can Tesla bounces off the support area and rockets upwards to test $900 and potentially a new ATH. Alternatively, if Tesla falls below this support, it will find a new major support, essentially free-falling downwards between $400-$500.
This is my analysis, and feel free to leave comments and give me a like!
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