Tesla (NASDAQ: TSLA) stock price is having a strong bounce from its April 2023 lows. The shares are currently trading 13% above the lows, but this may change soon. The latest analysis reveals that the stock price of the biggest EV maker will remain in hot water unless it reclaims a key level on its chart.
The CPI report for April 2023 came out today, which showed a decrease in inflation. The markets took the news very positively, and the benchmark indices had a surge. The S&P 500 index gained 7.2% points, and the NASDAQ 100 index was also up 0.63%. Consequently, Tesla stock also opened higher today.
Tesla Stock Turns Green For The Week
Tesla stock is showing high volatility this week. Despite opening lower on Tuesday, the stock has turned green on the weekly candle since again. This makes the second consecutive green week for the stock. The bounce in Tesla stock price comes as most tech companies announced strong quarterly earnings this month.
According to the most recent Tesla news, the company had broken ground on a Lithium refinery in Texas. As per Elon Musk, the newest state-of-the-art facility will be able to provide enough lithium to produce 1 million vehicles by 2025.
Tesla Stock Price Is Not Looking Quite Bullish
Despite a bounce in NASDAQ: TSLA, the stock is yet to flip bullish. The ongoing bounce is not surprising as the price got pushed by the demand in a key zone. The $146-$154.6 region has the confluence of a gap and the 0.618 fib level.
Nevertheless, my Tesla stock price forecast will remain bearish as long as the price remains below the $207 level. This level comes by the confluence of 200 MA and a major resistance on a higher timeframe. Only a reclaim of this level will confirm a proper bullish reversal from the 2022 lows.
I’ll keep sharing my updated outlook on Tesla Inc. in my free Telegram group, which you’re welcome to join.
