TSLA faces resistance at the declining trend line (~$398-$400); expect a pullback to ~$375 before potential breakout.

First up with Tesla up 5 and 1/2%. This was on the back of news that they are expanding their cyber taxi delivery and in expanding in further cities too. This is all been long anticipated.

It's been a slow rollout with these cyber taxis and the full self-driving capabilities are getting enhanced, which is why investors rewarded the stock today putting in a daily close above this high range.

You could see here from the most recent price action. We made a pivot high here on August 21st, then we chopped sideways, pulled back a little bit. Now today, breaking from this near-term consolidation range, telling me folks, price action is attracted to the top end range of this declining trend line.

This also happens to be the 50% fib retrace. Guys, everybody can do this tool. Grab your Fibonacci retracement tool. Go up to the top of the chart, the high pivot, draw that out all the way down to the most recent low pivot.

You can see here cleanly, $398.11 also corresponds with this declining trend line. Also corresponds with that psychological whole round $400 number.

That tells me once and if price gets here on Tesla, likely if with this current acceleration, we should see a pullback down here to the 375 range before attempting to break out and go higher.

But still, looks like X marks the spot on the chart for Tesla in the near term, especially with that nice daily close today.