{"id":10194,"date":"2023-11-06T13:30:30","date_gmt":"2023-11-06T13:30:30","guid":{"rendered":"https:\/\/infundpros.com\/investment\/heres-what-it-will-take-for-teslas-stock-to-be-considered-back-in-bull-territory\/"},"modified":"2023-11-06T13:30:32","modified_gmt":"2023-11-06T13:30:32","slug":"heres-what-it-will-take-for-teslas-stock-to-be-considered-back-in-bull-territory","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10194","title":{"rendered":"Here\u2019s what it will take for Tesla\u2019s stock to be considered back in bull territory"},"content":{"rendered":"
\n

Shares of Tesla Inc. have powered up more than 11% in the past four days to close Friday back above the widely watched 200-day moving average, to fuel hopes that the 2023 uptrend has resumed after a rough couple of weeks.<\/p>\n

But before bulls start backing up the truck to go all in, one of the first lessons of chart-watching is that there\u2019s always a bigger trend to respect, and for Tesla\u2019s stock, that bigger trend is still down in a big way.<\/p>\n

\n

On Friday, that stock
\n TSLA,
\n +0.66%<\/bg-quote>
\n closed at $219.96, above the 200-DMA, which extended to $219.06. On Monday, it rallied 2% in premarket trading, while the 200-DMA ticked up to $219.49.<\/p>\n

Many view the 200-DMA as a guide to the longer-term trend. So while Friday\u2019s rise back above it is certainly a positive technical development, the bullish effects are still likely to be just shorter-term in nature.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

But first, the good news<\/h4>\n

The stock had been tracking a nice uptrend since bottoming at about a 2 \u00bd-year intraday low of $101.81 on Jan. 6. Then after a bad earnings report, the stock broke the uptrend line, and dropped below the 200-DMA.<\/p>\n

Friday\u2019s accomplishment was the first sign that bulls are trying to reassert their authority.<\/p>\n

Don\u2019t miss<\/strong>: Tesla\u2019s broken \u2018triangle\u2019 warns of more stock-selling pressure.<\/p>\n

Keep in mind that the stock\u2019s fall from the July 19 intraday high of $299.29 to the Oct. 31 low of $194.07 retraced about 53% of the Jan. 3-to-July 19 rally. As Wall Street followers of the Fibonacci ratio will tell you, if a retracement stays roughly within 61.8% of the previous trend, that previous trend remains intact.<\/p>\n

Read more about how many on Wall Street use the Fibonacci ratio, which is also known as the \u201cgolden\u201d or \u201cdivine\u201d ratio.<\/p>\n

Now comes the hard part<\/h4>\n

The bulls have what should be a pretty heavy resistance zone to deal with just above, which is defined by the price gap between the Oct. 18 low of $242.08 and the Oct. 19 high of $230.61, the key 50-DMA that was at about $245 on Friday and the broken uptrend line that extended to roughly $246.<\/p>\n

Downside price gaps \u2014 when a stock opens below the previous session\u2019s low, and stays below it all day, are often resistance areas, as those who missed the chance to sell may not want to pass up a second chance. Broken uptrend lines and the shorter-term trend tracker the \u2014 50-DMA \u2014 often act as target points for those looking to sell on a rally.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n
\n \"\"\n <\/div>\n<\/figure><\/div>\n

But now the bad news for bulls<\/h4>\n

Even if Tesla\u2019s stock was able to recapture that 2023 uptrend, it would take a further rally of at least 13% from the broken uptrend line to even threaten the much bigger downtrend that started two years ago.<\/p>\n

As of Friday, the downtrend line starting at the Nov. 4, 2021, all-time intraday high of $414.50 and also touches the highs in January and April 2022 and July 2023 currently extends to about $278. (It only takes three points to make a trendline, but a fourth point adds to the strength of the trend.)<\/p>\n

And finally, the 61.8% Fibonacci retracement of the selloff for the all-time high to the Jan. 6, 2023 low \u2014 a $312.69, or roughly 75% plunge \u2014 would come in around $295. That\u2019s roughly where the bounce off the Jan. 6, 2023 low ran out of steam, confirming the bears are still in control for the long term.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n
\n \"\"\n <\/div>\n<\/figure><\/div>\n

So for Tesla bulls to really declare the two-year downtrend over, the stock would have to close above $295, and sustain those gains to confirm the breakout. From Friday\u2019s close, that would require a further 34% rally.<\/p>\n

A long-term target then becomes a full retracement of the two-year downtrend, which would be a further rally of about 41% from the 61.8% Fibonacci chart point.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Tesla Inc. have powered up more than 11% in the past four days to close Friday back above the widely…<\/p>\n","protected":false},"author":1,"featured_media":10195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-10194","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nHere\u2019s what it will take for Tesla\u2019s stock to be considered back in bull territory | inFundPros<\/title>\n<meta name=\"description\" content=\"Shares of Tesla Inc. have powered up more than 11% in the past four days to close Friday back above the widely watched 200-day moving average, to fuel\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=10194\" \/>\n<meta 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