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Tesla stock technical analysis: bulls may target the current 2020 high

By Nathan Batchelor

14:45, 18 August 2020

Tesla stock

Tesla posted impressive gains last week, as the electric car maker’s share price rallied from $1,400 to the $1,650 level.

Tesla share price analysis shows that a bullish falling wedge breakout is pointing to more gains ahead.

Tesla medium-term price trend 

Tesla’s stock price gained over 15 per cent last week, following a short-lived pullback towards the $1,400 level. 

Tesla share price analysis shows that bulls could be preparing to test back towards the $1,800 level.

Tesla share price analysis

Tesla stock technical analysis highlights that a bullish falling wedge breakout is currently in play.

The daily time frame shows that the ongoing falling wedge breakout remains valid while the price trades above the $1,500 level.

Traders should note that a double-top pattern will form if the price reaches the current all-time high, just below the $1,800 level, remains in place.

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According to the size of the falling wedge, Tesla’s share price could trade towards the $1,800 and, possibly, the $2,000 level over the medium term.

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Tesla short-term price trend

Tesla stock analysis shows that a short-term bullish bias is in force while the price trades above the $1,400 level.

The 30-minute time frame currently shows that bearish MACD price is warning of a technical correction back towards the $1,500 level.

Tesla share price analysis

According to the one-hour time frame Tesla share price also has negative MACD price divergence around the $1,100 level.

It is possible that a short-term correction towards the $1,500 level may occur. However, the negative price divergence around the $1,100 level is unlikely to be reversed until the medium-term trend turns bearish.

Tesla technical summary

Tesla stock analysis highlights that breakout from a falling wedge pattern has taken place, and remains valid while the price trades above the $1,500 level.

Markets in this article

TSLA
Tesla Inc (Extended Hours)
176.93 USD
-2.73 -1.520%

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