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Tesla's stock double beating 2022 Q4 earning expectations
Stock prices rise to $217 again despite bearish trends in early 2023.
Tesla stocks surge from $102 to $217.65 following February’s bullish run.
Stock price of $217 stronger than expected 2022 Q4 earning reports and bearish run in Jan 2023.
Will Tesla continue to rise? Stock faces key resistance near $217.
Failing to break this key resistance of $217 or $220 may lead to further corrections.
February’s Tesla stocks on unexpected bullish run
Tesla's stocks have soared from $102.00 to $217.65 over the past five weeks. Strong business results in 2022’s final quarter showed a net profit of $3.68 billion, enabling Tesla’s share price to jump to almost $218 which beat previously set expectations.
However, although the stocks appear to have an upbeat momentum, it faces strong resistance levels near $217. This implies that if the stock is unable to break resistance at $220.00, it will likely face a correction wave.
Decoding Tesla’s Weekly Time Frame Chart
Tesla's weekly chart shows that after attaining a record peak at $414.50 in November 2021, the stock faced an intense correction, dropping by 75.30% to $102.00 in January 2023. However, strong Q4 Earnings helped the stock rise back to $217.65 in mid-February of this year.
If the stock fails to break the resistance level of $220.00, we may see a correction to test the support level of $188.00. If this support level is broken, we may see further correction to the downside near the $155.00 level. However, if the stock manages to break the resistance level of $220.00 and remains above it, we may see a further rise to the upside near resistance level of $280.00.
Comparing Tesla’s Daily Time Frame Chart
Tesla's daily chart also shows a slight change to the resistance level near $217.65 compared to the weekly chart. If the stock fails to break at this level, we could see downside movement towards levels of $197.00.
Tesla stocks surge from $102 to $217.65 following February’s bullish run.