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Tesla Inc., Technical Analysis

10/27/2022 10:34 AM

Shares of Tesla Inc., the world's leading manufacturer of electric vehicles, are correcting at 224.00.

On the daily chart, the price is moving in the global corridor with the boundaries of 300.00–200.00 and has been holding near the range support line for a long time, trying to form a full-fledged reversal.

On a four-hour chart, the quotes are close to the initial correction level of 23.6% Fibonacci around 228.30, and the start of a full-fledged correction is possible only if they fix above it, and then the movement may continue to 38.2% Fibonacci around 244.70.

Technical indicators hold a local buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram is trading in the buy zone.

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