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TSLA stock price breaks resistance

TSLA stock price has broken above the $760-$770 horizontal and Fibonacci resistance. So far price has been slowly moving higher respecting the key support trend line by making higher lows. Now that price has broken above the resistance we have a new bullish signal.

analytics61522e47081a5.jpg

Red rectangle - horizontal resistance

Blue line - support trend line

Green lines- Fibonacci retracements

TSLA stock price has broken above the 61.8% Fibonacci retracement. Price got rejected twice in the past at this Fibonacci level. Now price continues making higher highs and higher lows and has finally broken above this key resistance. Support is at recent low of $718. Bulls do not want to see price pull back and close below the red rectangle and they definitely do not want for price to break below the blue support trend line now at $715.

The material has been provided by InstaForex Company - www.instaforex.com