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Wednesday, February 02, 2022 3:42:47 PM
By: Anna Coulling | February 2, 2022
The past couple of weeks have been a real struggle for Tesla (NASDAQ:TSLA) bulls following January’s early froth when the stock rose strongly towards the $1200 per share, now a distant memory as bearish sentiment continues to weigh. In previous posts, I highlighted the potential for the stock to move towards the $800 per share area, and if so, a technical level of support might provide a requisite platform of support.
And this has indeed been the case with Friday’s price action touching an intraday low of $792.01 before closing out the day higher, ending the session at $846.35 with a deep wick candle to the lower body, the portent for a bounce higher which we duly saw on Monday.
![](http://d1-invdn-com.investing.com/content/1730169601bdcd0f7454c7cb9865bc9c.png)
Tesla Daily Chart
The support level in question is clearly defined on the accumulation and distribution indicator by the red and blue dashed lines, with the thickness of each denoting its strength.
However, in this case, we have two in a cluster that reinforces their strength and puts a strong floor in place, thereby helping to give the stock price much-needed support for the move higher.
And so to yesterday’s price action. While this was no doubt a welcome move, what is concerning is the volume associated with this widespread up candle that looks suspiciously ‘low’ and falling from Friday’s volume.
The significance of this observation is that the daily chart appears to be setting up for a repeat of last week’s price action of last week, where we saw a rally followed by a fall. At present, strong buyers are lacking, and it is only when we see sustained and steady price action moving higher on rising volume will the current weakness be reversed with conviction.
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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