Elliott wave analysis of Tesla for May 12, 2021

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Tesla has now broken the uptrend support, which acted as the main direction since March 2020. The break confirms that the major uptrend is broken and a correction to the support area between 365 and 420 should be expected in the weeks ahead.

In the short term, we can see resistance near 617 which is expected to act as a cap. It continues to add pressure on Tesla to push it to the expected correction phase so that it reach the support-zone between 365-420.

Trading recommendation:

Buy Tesla in the support zone between 365-420

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

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