Tesla’s daily chart shows a correction after a strong uptrend, with the price around the 200-day MA at $279.80. It’s now inside the "Golden Zone" (Fibonacci support between $261.48 and $218.34), a key area for potential support. The RSI at 34.39 indicates oversold conditions, suggesting selling pressure may be nearing exhaustion. Despite the recent decline, a bullish case can be made as the price approaches the "Golden Zone," a historically strong support area, combined with an oversold RSI. If TSLA holds above $261.48 and volume picks up, it could bounce back toward the 200-day MA at $279.80, offering a favorable setup for buyers.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.