Tesla’s share price has started to consolidate around the $1,500 level after recently hitting a new all-time price high, just below the $1,800 level.
Tesla share price analysis shows that the stock is trapped within a falling price channel on the lower time frames.
Tesla medium-term price trend
Tesla’s stock price is trading sideways after recently hitting a new all-time high, just below the $1,800 resistance level.
Tesla share price analysis shows that a potential price top may be in place, placing the emphasis on a possible bearish technical correction.
Tesla stock technical analysis also shows that bulls may test back towards the $1,800 area to confirm that a meaningful price top is in place.
The daily time frame shows that the $1,730 to $1,750 area is a possible bullish target if a recovery from current levels takes place.
Traders should note that a double-top pattern will form if the current all-time high, just below the $1,800 level, remains in place.
According to Fibonacci analysis, the $1,300 and $900 levels are possible bearish targets.
Tesla short-term price trend
Tesla stock analysis shows that a short-term bullish bias is in force while the price trades above the $1,300 level.
The four-hour time frame currently shows that the stock is trading within a falling price channel, between the $1,620 to $1,300 level.
Falling price channels are typically considered to be bullish reversal patterns. Given the prevailing uptrend, a bullish breakout above the channel seems possible.
According to the size of the channel breakout, Tesla’s share price could rally towards the $1,900 resistance area.
Watch out for further gains towards the $1,750, and possibly the $1,900 level, if the price trades above the falling price channel.
Tesla technical summary
Tesla stock analysis highlights that the stock is trapped within a falling price channel. Lower time frame analysis shows that a breakout above the $1,600 level should increase technical buying.
