Technical analysis, price predictions and news on Tesla stock for week ending 05/22/2021. Another bearish week for Tesla, but signs of potentially putting in a bottom. Tesla traded below the 200DMA all week, however it has stuck closely to this level indicating consolidation and potential base of support going forward. If the 200DMA can prove to hold as support as it did back in March 2020, it is likely Tesla is bottoming out at these levels and should reverse to the upside sooner than later. To the upside, if the 200DMA holds as support at the $591 level, we could see it rally into resistance at around $650-670 level which is where the 50DMA and another key trendline both converge at. A breakout above this level and the next resistance will come in at around $700. If it can break back into the consolidation zone above $700, there is resistance at the top of this range at around $775. To the downside, if the 200DMA doesn’t hold as support at $591, we could see it drop to as low as $535.
Tesla news this week includes:
- Tesla Cybertruck stands to be U.S. most popular all-electric pick up truck
- Michael Burry’s $530 million bet against Tesla
- Tesla Roadster SpaceX Package boasts an 0-60 mph acceleration time in just 1.1 seconds