Tesla Stock Rallies Above Key Level, But Bigger Test Still Ahead
-
Tesla stock recently rose back above its 200-day moving average, fueling hopes the uptrend has resumed after a rough period.
-
This is a positive short-term development, but the bigger long-term downtrend remains intact.
-
Tesla faces resistance from its 50-day moving average, a broken uptrend line, and a price gap just above current levels.
-
To signal the long downtrend is truly over, Tesla would need to break above the 61.8% Fibonacci retracement around $295.
-
For a full downtrend retracement, Tesla would need to rally about 41% from the key Fibonacci level to around $414.