I was bullish on $Tesla Motors(TSLA)$ in my earlier article.
Mentioned that:
Price should close firmly above $280
Predicted resistance levels are $314 and $336
After a firm close above 280, Tesla surged 30% to my predicted resistance level of $336, before closing at 328.
I believe the stock price is nearing a resistance level based on two technical indicators:
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It is at the top of an equidistant channel.
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It is close to the 76.4% Fibonacci retracement.
Resistance levels are supply zones and are likely to show signs of price weakness. If you would like to trade Tesla during Asia hours (before the U.S. market opens in case of a gap), Soc Gen offers US stock DLCs.
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Tesla is nearing a resistance level
What is equidistant channel?
It consists of two parallel trendlines—an upper resistance line and a lower support line—encapsulating price movement within a channel. The distance between these lines remains constant, forming a visual boundary for price fluctuations. Traders use this channel to spot potential breakout or reversal signals when the price nears either boundary, providing key insights into market momentum and trend direction.
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