Technical analysis: Tesla (TSLA) remains technically overbought

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/05/Markets-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Market Analysis" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/05/Markets-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/05/Markets-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/05/Markets-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/05/Markets-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/05/Markets-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/05/Markets-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/05/Markets.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><h2>Price Action Closing in on Daily Demand</h2>
<p>Across the page on the daily chart, you might recall that I noted the possibility of a sell-off emerging from channel resistance extended from the high of $214.00, which was accompanied by negative divergence from the RSI. You may also recall that recent writing pointed to the possibility of dropping in on demand from $247.51-$261.97. As you can see, we have indeed pushed southbound from the aforementioned channel resistance. And according to the weekly chart showing room to explore deeper waters and the RSI indicators demonstrating negative divergence on both timeframes, testing the mettle of the daily demand zone remains on the table.</p>
<p>Suppose the stock engulfs demand at $247.51-$261.97. In that case, this perhaps paves the way towards the 50-day simple moving average at $217.03, which happens to converge nearby weekly support mentioned above at $219.86 and, of course, the 38.2% Fibonacci retracement ratio derived from the harmonic bat pattern at $215.19.</p>
<p><img decoding="async" class="alignnone wp-image-27204 size-full" src="https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/TSLA_2023-07-11_17-17-29.png" sizes="(max-width: 2451px) 100vw, 2451px" srcset="https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/TSLA_2023-07-11_17-17-29.png 2451w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/TSLA_2023-07-11_17-17-29-300×151.png 300w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/TSLA_2023-07-11_17-17-29-768×387.png 768w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/TSLA_2023-07-11_17-17-29-1024×516.png 1024w" alt="Tesla (TSLA) Remains Technically Overbought, FP Markets" width="2451" height="1235" />Charts: TradingView</p>
<p>In case you missed it, Market Insight: Week ending 14 July … <a href="https://www.leaprate.com/forex/market-news/market-insight-week-ending-14-july/" target="_blank" rel="noopener">Read More</a></p>
<hr />
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<p><em><strong>Disclaimer</strong>: The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.<br />
</em></p>
<p><em>Opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.</em></p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/market-news/technical-analysis-tesla-tsla-remains-technically-overbought/">Technical analysis: Tesla (TSLA) remains technically overbought</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>