- Tesla stock price has recovered itself tremendously after reverting back from the support level of $102 over the daily time frame chart.
- TSLA stock price has surged around 94% and is preparing for 100% recovery of the stock price after gaining support from $102.
- Tesla, Inc. (NASDAQ: TSLA) stock price has been dipping through an interesting falling pattern and has finally managed to recover itself with strong buying due to the sales factor in China.
Tesla stock price has been slipping from the start of the year 2023 over the daily time frame chart. However, TSLA stock price managed to gather support from $102 and is soaring towards 100% recovery rate over the daily time frame chart. Tesla share price has started gaining uptrend momentum as Tesla EVs sales have gained pace in China’s market.
Electric vehicle company Tesla Inc. has gone through some tough times lately. Sellers have been continuously shorting the Tesla shares after Elon Musk’s selloff. Elon Musk the multi billionaire and the owner of Tesla Inc. have been selling the TSLA shares and let the stock price to $102 level. Nevertheless, TSLA stock price has managed to gather support from $102 after the sales in China have skyrocketed.
Tesla Stock price was at $192.65 and has gained $2.22 of its market capitalization during the day’s trading session. Meanwhile, after gaining support from $102 on 6th January 2023 Tesla Share price has been recovering with tremendous growth over the daily time frame chart. TSLA stock price has recovered around 94.25% till date and is still thriving for 100% recovery over the daily time frame chart.
Tesla stock price has successfully recovered above 20, 50 and 100-days Daily Moving Average while trying to reach the 200-days DMA. For the time being, volume change can be seen below average and needs to grow for TSLA shares to continue its recovery over the daily chart.
Tesla Stock Price Being Extremely Overbought
Tesla Stock Price has been trying to recover itself from its ashes by thriving for 1005 recovery over the daily time frame chart. Technical indicators suggest the uptrend momentum of TSLA shares.
Relative Strength Index showcases the uptrend momentum of TSLA Share price. RSI is at 72 and is heading towards the extreme overbought territory. MACD exhibits strong upside momentum of Tesla share price. The MACD line is way ahead of the signal line after a positive crossover. Investors in Tesla stock might see more than 100% recovery of TSLA stock price over the daily time frame chart.
Summary
Tesla stock price has been slipping from the start of the year 2023 over the daily time frame chart. However, TSLA stock price managed to gather support from $102 and is soaring towards 100% recovery rate over the daily time frame chart. Meanwhile, after gaining support from $102 on 6th January 2023 Tesla Share price has been recovering with tremendous growth over the daily time frame chart. Technical indicators suggest the uptrend momentum of TSLA shares. Investors in Tesla stock might see more than 100% recovery of Tesla share price over the daily time frame chart.
Technical Levels
Support Levels: $170 and $155
Resistance Levels: $200 and $230
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/02/03/tesla-stock-price-thrives-for-100-recovery-results-of-increasing-sales-in-china/