Tesla Faces Resistance, Conclusion: 1,206 New All-Time High?

The Tesla stock, TSLA, is facing resistance right now; what to expect?
Expect additional growth but...

Good afternoon my fellow trader, Tesla will continue growing, mark my words.

Volume has been rising now since January 2024, that's a long time. Almost a year and a half with more and more action joining this stock and this is one of the most traded stocks in the whole world. Increasing volume is a very strong bullish signal.

The highest volume session came on the 7-April week and this week closed green. It produced the highest volume since February 2023.

Back in 2023, trading volume started to rise in January and this signaled the start of a long-term bullish trend, higher highs and higher lows. This trend is still valid today.

The bullish bias is confirmed. Let me show you.

» EMAs:
TSLA trades above all moving averages, short-term and long-term. Incl. SMA200 and EMA89/55.

» MACD bullish cross:
This is a very strong signal. Last week the MACD produced a bullish cross and is now coming out of the bearish zone. This is bullish for two reasons, the histogram turns green and there is plenty of room available for additional growth. In a way, this signal shows that the bullish wave is only starting now and that it will continue long-term. This MACD signal doesn't show up unless a bullish wave is coming. You can look back at the weekly MACD and confirms this for yourself. Each time the b-cross is in, this stock grows for months.

» RSI bullish zone (57.63):
To be honest, I don't like how the RSI is looking but we have the classic higher highs and higher lows pattern. The reading is bullish and shows plenty of room available for growth. It could be better though but still, leaning up and supporting more up.

» RENKO (weekly):
Clearly bullish. This confirms TSLA is in an uptrend now and will keep going higher.

» RENKO (daily):
In the daily RENKO chart the bullish bias/signal is even more pronounced, meaning, no room for doubts.

» To end this 'it is obvious Tesla will continue rising technical analysis', let's consider the monthly timeframe:

— We have a perfect rising channel.
— There is a rounded bottom (orange) which is a reversal signal.
— There is a hammer candlestick last month which is also a reversal signal.
— This month is full green which confirms both the hammer and rounded bottom as reversal signals.

All these signals are saying that the bullish trend will continue now.

Last month produced the highest volume since June 2023.

» Tesla (TSLA) is going up.

Namaste.