Our last check on Tesla’s stock (TSLA) was on February 20th, 2023.
TSLA was trading up, respecting its moving average support lines, but still, it was below its resistance lines.
That was the case with all 3 time frames: daily, weekly, and monthly.
Today, at the end of the first quarter of 2023, we’re back to take a look at TSLA:
Daily
TSLA traded up through and above $200, however, it did not reach high enough to threaten the 222-day SMA and the 226-day SMA resistance lines. After rolling over twice, it is now heading back up, getting ready to face its resistance lines, currently around $218.
Weekly
Back in February TSLA honored its 28-week SMA (body) resistance line. In the following weeks the stock kept respecting the resistance line and lost strength.
Until last week.
TSLA traded above the 28-week SMA resistance line for the entire weekly session and left it to eat dust. Tesla’s stock now prepares to face the 43-week SMA (wick) resistance line:
Monthly
Using its February resistance lines, TSLA closed a second consecutive month above the 6-month EMA (wick) resistance line. At the time of the previous post the calculation of that line did not include the February candle because the candle was still open. For the stock the line represented resistance to beat during February. Not only did it make it, but TSLA magnificently closed March above that line.
Now that March is in the books, here is the monthly chart with the updated resistance lines:
The 10-month SMA is still there, however, the beaten 6-month EMA is now replaced with the 8-month EMA.
To smash through this respected resistance, TSLA has to close April above $219.43.
On the flip side, it could face a tough battle from its two best respected resistance lines, which are now closer to each other.