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Tesla Inc., Technical Analysis

1/19/2023 10:10 AM

Shares of Tesla Inc., the world's leading manufacturer of electric cars, are at 128.00.

On the daily chart, the price is trying to consolidate within the corrective trend, trading within the corridor with dynamic boundaries of 139.00–126.00.

On the four-hour chart, the upside potential is relatively small, despite holding above the 23.6% Fibonacci initial retracement at 125.00. Soon, an attempt to break this level and reduce quotes may follow. Otherwise, a scenario with local growth and achieving the base correction level of 38.2% by Fibonacci around 139.00 is possible.

Technical indicators weaken the buy signal: fast EMAs on the Alligator indicator actively approach the signal line, and the AO oscillator histogram forms downward bars.

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