Shares of Tesla Inc., the world’s leading manufacturer of electric cars, are correcting at 290.00.

On the daily chart, the price is growing, moving away from the support line of the global ascending corridor with dynamic boundaries of 320.00–283.00.

On the four-hour chart, after the breakout of the local high of July 5 at 283.00, the upward wave received a new impetus, and now, there are almost no serious resistance levels on the way to the range resistance line at 320.00.

Technical indicators signal a continuation of the upward trend: fast EMAs on the Alligator indicator are moving away from the signal line, expanding the range of fluctuations, and the AO histogram is forming rising bars in the buying zone.

Trading tips

Long positions may be opened after the price rises and consolidates above 295.00 with the target at 317.00. Stop loss – 290.00. Implementation period: 7 days or more.

Short positions may be opened after a reversal, reduction, and consolidation of the price below 283.00 with the target at 260.00. Stop loss – 290.00.