Shares of Tesla Inc., the world’s leading manufacturer of electric cars, are correcting at 232.00.

On the daily chart, the price is retreating from the support line of the global rising channel with the boundaries of 216.00–310.00.

On the four-hour chart, the upward movement may continue, as the quotes failed to break the level of 218.00, creating solid support in this area. After consolidation above 241.00, the growth may continue to 275.00.

Technical indicators are weakening the sell signal: fast EMAs on the Alligator indicator are approaching the signal line, and the AO histogram is forming rising bars in the sell zone.

Trading tips

Long positions may be opened after the price rises and consolidates above 241.00 with the target at 275.00. Stop loss – 230.00. Implementation period: 7 days or more.

Short positions may be opened after a reversal, reduction, and consolidation of the price below 218.00 with the target at 190.00. Stop loss – 225.00.