Tesla has had a stunning rebound , the chart has gone vertical right into a key resistance.
It's amazing how price action can respect key Fibonacci levels.
A 50% retrace can be observed on this chart. We all now Tesla can move in parabolic fashion but typically when it does tbag it's prone to large drawdown.
Ideally bulls would want to see price trade sideways to lower form here in setting up the potential for the next leg to $380
If price moves to quickly through this 50% Fib level expect a large reversal down.
I personally wouldn't buy up here as the bullish inverse head and shoulders from it's lower base has achieved its upside.
We need a new pattern to form and right now we haven't established a new bull flag of pattern of consolidation.
TSLA
It's amazing how price action can respect key Fibonacci levels.
A 50% retrace can be observed on this chart. We all now Tesla can move in parabolic fashion but typically when it does tbag it's prone to large drawdown.
Ideally bulls would want to see price trade sideways to lower form here in setting up the potential for the next leg to $380
If price moves to quickly through this 50% Fib level expect a large reversal down.
I personally wouldn't buy up here as the bullish inverse head and shoulders from it's lower base has achieved its upside.
We need a new pattern to form and right now we haven't established a new bull flag of pattern of consolidation.
TSLA 
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Disclaimer
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.