If you’re watching Tesla’s stock like I am, you’re probably wondering why TSLA keeps stalling around $350—trust me, I feel the same frustration!
In my latest video, I break down this critical price level using my momentum trading strategy, promising you clear insights into when TSLA might finally break out.
I’ll walk you through key charts, the Ichimoku Cloud, Fibonacci levels, and Gann Squares to reveal why $350 is a make-or-break zone and where to find the best entry points.
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Why Tesla’s $350 Zone Matters
Tesla has been a rollercoaster for traders, and right now, it’s hitting a wall at the $350 price level. In the video, I analyze multiple timeframes and indicators to show why this zone is a major resistance and what to watch for next. Here’s a quick overview:
- Monthly Chart: The market structure is bullish, with higher highs and higher lows since the April 2024 low. However, the Ichimoku Cloud shows the $350 zone (conversion line) as a stubborn resistance, with $313 acting as support.
- Weekly Chart: The structure remains bullish, and most of the indicators of the Ichimoku Cloud are positive.
- Fibonacci Confluence: Both short-term and long-term Fibonacci retracements confirm $350 as a key resistance zone, with $320 as potential support if TSLA retraces.
- Gann Square: Tesla’s price action has respected Gann arcs historically, and it’s currently battling an arc at around $350. A close above this level could signal a move toward $380 or higher.
Key Levels to Watch
Based on my analysis, here are the critical price zones for TSLA:
- Resistance: $350-$360 (Ichimoku conversion line, Fibonacci levels, Gann arc).
- Support: $320-$336 (Ichimoku support on 4 hour chart, Fibonacci levels on linear scale, 50 SMA on the 4-hour chart).
- Breakout Target: If TSLA flips $350 to support, the next targets could be $380-$390, with all-time highs in sight if momentum continues.
Trading Strategy for TSLA
The momentum trading strategy I’m following (there’s a course in our Skool group here) is all about finding confluence across indicators. For Tesla, the strategy is clear:
- Wait for a Breakout: Don’t buy at $350 resistance. Wait for a confirmed close above $350-$360 with a backtest to confirm it as support.
- Buy the Dip: If TSLA retraces, look for entries around $320-$336, where multiple indicators show support.
- Use Gann Squares: The Gann Square arcs have been spot-on for TSLA’s price action. A break above the current arc could signal a move to the next level at $380.
For a deeper dive into this strategy, including how to use Ichimoku Cloud, Fibonacci, and Gann Squares, check out my course on Skool.
Why I’m Watching Tesla Closely
Tesla’s stock is at a pivotal moment. The bullish market structure suggests upside potential, but the $350 resistance is a tough hurdle.
If it breaks and holds above this zone, we could see a strong move toward $380 or even all-time highs.
On the flip side, a failure to break $350 could lead to a pullback to $320-$336, offering a great entry for patient traders.
