Tesla, one of the most popular stocks in the US stock market, has in recent days followed a logical pattern of technical analysis and created a good trading position.
The point that should be considered about this analysis is that the published tips and analysis are based solely on Tesla price behavior and technical analysis factors. Therefore, in case of news or technical problems for the Tesla, this analysis may not be done properly.
Tesla Technical Analysis | August, 2021
As we have shown in the price chart for you, if we assume an uptrend for the stock market and the price of tesla in general, the $675 price level of Tesla is an important technical support in July and August of 2021.
Try to break $675 price level
The stock had very significant reactions from traders believing that the market was falling to the $675 price level. At the same time, other stock market traders, who believed in the rise of Tesla stock prices, supported the stock price at the level of $675 in July and August, and this stock has experienced several times the upward resistance of $695 by the sellers.
TESLA price in August, 2021
Tesla stock is currently trading in the $705- $715 range, above the $695 resistance level and relative price stabilization, and is forming a price range pattern.
What will happen after breaking the $745 resistance?
In order for the shares of the American car company Tesla to move upwards, the price level of $745 as a resistance needs to push buyers to have the necessary support to move to the next level of uptrend resistances. As with all levels of price resistance, the Tesla stock is likely to experience a correction when the stock price hits $745.
If the $745 resistance level is broken by bullish traders, a very important price level will hit which has a rich history in February 2021. The $785 price level in the recent correction of Tesla has been severely broken as a resistance, and the same behavior is expected in the bullish market.
If the $785 price level breaks, Tesla shares will be a bit tense and traders will have to follow the rules of risk and capital management in their trading positions and take advantage of the upward movement of the market by saving profits.
Finally, note that none of the analyses which are published in Adaas Capital is an economic and investment advice, and it is you who decides your trades!
The end words
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