Tesla share: the warning about profit taking is not off the table! – Chart analysis

It looks good for the Tesla stock in the USA. Current indications for the hype title are $ 1,582 after Tesla’s share price ended yesterday’s trading at NASDAQ at $ 1,568.36 – a decrease of 4.54 percent and well below the daily high of $ 1,675. The Tesla share continues to be high, the volatility is always enormous throughout the day and the paper has largely detached itself from fundamental aspects.

Crash risks continue to exist after the electric car company’s share price rose from $ 350.51 in mid-March to just under $ 1,795 on July 13 since the Corona crash low. However, despite the volatile consolidation phase, the steep short-term upward trend has so far withstood the pressure that is emerging. The question is: how long? Too often, it doesn’t happen that a share price is more than twice its 200-day average, which Tesla is currently doing easily.

Even the most inflated stock market balloon cannot burst without sales signals. And these signals have not yet been generated by the Tesla share. However, the long candle wick of July 13 indicates that there is a risk and the wick of yesterday’s day candle in Tesla’s candlestick chart was not exactly short. So far, however, profit-taking has been extremely limited, so that no trend breaks have been recorded so far.

For the Tesla share, there are still support zones between $ 1,408 and $ 1,429 / 1,431 and $ 1,376 / 1,378 that could come under pressure and under pressure due to profit-taking. The warning remains: if there is a slide below these support zones, sales of the Tesla share could be as dynamic as the purchases made in the first half of July and the gaps torn open here. By contrast, around $ 1,650 / 1,675 and at the high, resistance should be expected.

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