TESLA faces an important short-term scenario

The largest electric car maker by market capitalization is facing a key short-term technical scenario. Tesla is struggling to break out of the upper band of its broad sideways-to-bottom channel that began in October 2021 (at that time it was trading above $420). The zonal range between $280 and $285 are now the hurdle to beat. Its definitive overcoming in weekly closing prices would put an end to the bearish trend developed during the last 18 months.

Should this scenario be confirmed, $313 would become the next target to reconquer. Its definitive overcoming would confirm a second bullish continuation signal whose projection could catapult the stock towards the last major monthly high around 360 dollars recorded in April 2022. Below, the range around 235-240 dollars is, for the moment, the reference to watch. Its breakout would trigger a first sign of trend weakness whose target could take the stock towards the $210 area.

Support: $260, 235,240, $210, $200
Resistances: 285, 313, 330, 360 dollars
Targets: (bullish) 313, 340, 360, 410 (bearish) $240, 205, 180, 145 zonal dollars