Hi Traders

In this analysis, we will take a look at TESLA on the weekly time frame.

Let's see what is going on here:

In June 2023 Tesla broke the downsloping resistance line and made a beautiful move towards 0,618 fib leve which was a target for bulls . RSI hit overbought level (70) and we got a pullback.

But what just happened? The price BACKTESTED previous resistance and confirmed it as a support. We got a solid bounce on the weekly timeframe and bullish engulfing candle which should imply more upside in the next weeks.

The target for bulls: 340 -345 $ , but if bulls are very agressive they may target even 385 $.

From there we expect a major correction.