The exit from the triangle will be decisive for Tesla stock
From a technical analysis perspective, Tesla stock appears to be consolidating inside a symmetric/descending triangle since May, after falling back below the long-term descending channel it has been trading in since May. fall of last year. The output of this triangle will indicate the next tempo to follow.
A breakout from above would pave the way for a rebound that could extend to the 200 session moving average, currently at around $9,000, while a breakout from below would pave the way for a continuation of the downtrend of bottom.
A rebound to the top of the descending channel seems relatively unlikely given that the deteriorating economic outlook will continue to weigh on all risky assets in the coming months.
In the event of a breakout, the next support to watch would be last year’s spring low at around $550.