TSLA rally faces resistance at 381-389; likely to stall without major consolidation.
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As you can see, it's helping to elevate price mainly with Tesla's news getting itself out of this near-term bearish consolidation away from this support level that mind you still has not yet been tagged.
Lastly, guys, we got the chart of Tesla and you can see here with Tesla also diagonal inclining push higher. Not too much consolidation occurring on this jag a diagonal move upwards on the charts, which tells me, folks, this rally is likely going to run out of steam at one of these two locations.
We've got a declining trend line on the chart of Tesla coming in at 381.28 followed by this inclining trend line at 387.23 and I'll show you where that all comes from. I'll zoom back out on the weekly time frame so you can get a better understanding of this breakdown, retrace, and rejection play on the opposite end of the spectrum from the breakout retrace bounce plays, but it works just the same on the bottom end, too, and that's exactly what Tesla looks like it's doing with this mammoth red weekly candle.
It will take a lot of consolidation to get through that, and where does that happen to be? Right in this resistance zone that I highlighted before switching to the weekly time frame, right around 385 upwards of 389 on the charts.
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