Tesla Inc. A strong bounce in recent days could provide some short term support.

Technicals

Tesla has had a retracement of 49% from ATH and 46% from April highs, it has since begun testing minor support with major support sitting just below at the $529 level. RSI is reaching an oversold area therefore a bounce from this area could be possible. A positive reaction to this support could see a rally to the upper trendline about the $1,100 region and a potential test and a break higher. A failure of this minor support and we could see price use the two areas below of interest as consolidation at $530 region before a breakout to the upside.

 

Tesla is a high growth stock and will feel the intensity of higher inflation throughout the world, therefore the short term outlook remains uncertain with further levels below acting as possible support, but the longer-term outlook remains strong, thus holdings its bullish rating.