Technical analysis on Tesla stock for week ending 02/27/2021. As overall market sells off, Tesla crashes to lows of $619 for the week, before recovering. We’ll wait to see how it plays out next week to confirm whether or not Tesla has put in a bottom. If in fact, the market moves higher, Tesla would need to break above $706, then recapture the 50DMA at $775. A break above that would be very bullish and would test strong resistance at $810-$825. On the bear side, if Tesla fails to break above $706, it could retest support at $635. A continued selloff could push Tesla down to the next level of support at $575.
Tesla news this week includes:
- Tesla has made about $1 billion in profit on its Bitcoin investment
- Tesla climbs 5% as Cathie Wood and others buy the dip after a multi-day skid
- Tesla confirms high demand for updated Tesla Model S/X, factory restarts after parts shortage