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16.05.202307:43 Forex Analysis & Reviews: Elliott wave analysis of Tesla for May 16, 2023

Exchange Rates 16.05.2023 analysis

Tesla has failed three attempts to break above the resistance line from 383, which makes it woundable to a price collapse in the near future. A break below support 152.37 will trigger the possible collapse towards support at 98. In the longer term, even lower prices are expected to complete the corrective decline from the 414.50 price peak in November 2021.

Only a break above the resistance at 167.23 will ease the downside pressure, but it will not erase the downside pressure, which only a break above the resistance at 208 will do.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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